The setup is discussed
here.
I finally dove into the Easterbrook article, and it seems that any slicer is a compromise solution. There may be potential to build an active adaptive slicer that adjusts the clip level in response to the generator input voltage, but such a circuit is complicated and, I'm not sure it's even feasible. Looks like halogens should be abandoned in favor of LEDs when they get big enough ... Hey, wait, they have been!