Am I calculating the output of the full bridge incorrectly? I was using 24VAC RMS from the transformer, multiply by 1.414 to get peak voltage = 34V, then subtract 0.6V for diode drop = 32.5.That to get 12.7 volts at the base for the output to be in regulation, the output can be no lower than 44.5V with the resistor values shown and the pot all the way to the top, i.e. the minimum regulated output voltage is 44.5V.
How are you getting to > 40 volts (or, more specifically, what am I doing wrong)?