No - no regulator. A 5v 3A linear would be large and run HOT. And it couldn't run from a USB anyway, since the USB is already 5v regulated. Any regulator will have drop-out, and require some voltage as input above the regulated voltage. Even an LDO (Low Drop Out Regulator) would need to be at least a few tenths of a volt higher.
There's a FET there to switch the high amperage source from the low amperage switch, but that's about it...
You _definitely_ wouldn't want a pot that could handle that kinda current in there. It would make the device huge! The right way to do it would be a small switching regulator - but those are expensive. Probably add another $20 to the cost of the passthrough by the time it hit retail. I haven't seen a programmable linear at that current that also fits an SMT package. A divider would be too bulky.
There might be some Maxx part that will do a single voltage switching regulation in an appropriate SMT part that will handle the current - that'd have to be investigated, but it's unlikely it'd not double the cost of the device at retail - unless we're talking hundreds of thousands of units...
This isn't quite as simple an engineering task as you might suspect at first-blush. If it were, V4L would already be selling them...
I was thinking the passthrough had a 5v regulator inside the hollow battery case. If it doesn't, then I suppose (just maybe) it would be easy for the manufacturers to buidl a little variable usb adapter.
The adapter would connect to a standard 5v usb, and would basically just consist of a small knob that you turn (a variable potentiometer resistor - a pot.). All the way to the right, you get the full 5v, and all the way to the left, you get 3.7 or whatever voltage some vapers want.
I really enjoy my PT the way it is, I'm not saying 5V is too much at all. I started vaping recently, when vaping was already premium. I'm just saying... for the people who still prefer lower voltage at times.