Your on the right lines, however using the op07 as a comparator with the non inverting at the supply voltage I dont think will work in real life.
Configure a dual op amp to amplify the voltage across the 10mR resistor, and apply that to the adj pin through a diode, so the current amplifier shuts off the reg if its o/p reaches reference voltage.
You'll need either a seperate supply for the op amp, or one that can operate with its i/p's close to the + rail.
Also repeat this for the other reg, so they are seperate circuits.