need to use LP38798 for low O/P voltage , 1.21V & 1.25V
R2=13k.
R1=540 ohm for 1.25V.
R1=110 ohm for 1.21V
Vo is close to V_FB : Do you see any problem ?
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No, I don't see any problem.
There will not be any measurable difference from the datasheet specifications for noise where Vout=1.2V.