What controls the precision of the LP2951 output voltage?
The precision of the output voltage setting is limited by the tolerance spec of the LP2951 and not by the tolerance of the external resistive feedback divider. If perfect resistors are used, the output voltage tolerance will still be that specified for the regulator, i.e., 0.5%. However, if higher tolerance resistors are used, the resulting output voltage tolerance can be estimated as the sum of the tolerance of each resistor and the tolerance of the regulator for the grade selected.