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TPS24750: Using TPS24750 to control 1.2V rail, VCC = 3.3V

Part Number: TPS24750
Other Parts Discussed in Thread: TPS22976

I would like to control a 1.2V rail using the TPS24750.  I have a 3.3V bias rail available to power VCC of the IC.

Other than the IMON output being biased essentially from the drain of the MOSFET, I don't see a reason this wouldn't work? 

Thoughts?