Just to clarify the necessity for your pass transistor to work in medium (M.I.) and in weak inversion (W.I.), i.e. subthreshold mode: see this figure from Binkley's book:
.
Even if it stems from an NMOSFET with W/L=16 you can
approximately transfer it to your PMOS, multiplying the log. y-axis by a factor of 1000, i.e. mA instead of µA. For your min. input-output voltage difference |V
ds,min| of |0.2V| - and still achieving a good regulation - you should try and work with a |V
DS,sat| <≈ |V
ds,min|, i.e. with an
Inversion
Coefficient
IC ≦ 5 , which means M.I. mode for your 50mA output current.
Subthreshold operation (|Vgs| ≦ |Vth|) starts at IC <≈ 0.5, hence with an output current ≦ 5mA your pass PMOSFET will work in
subthreshold mode, below 1mA in W.I. mode (IC ≦ 0.1) - and this is
totally ok, because
only then you can have such low V
DS,sat and so can guarantee to still work in the saturation region |V
DS,sat|≦|V
ds| where you have much better regulation (gain) than in the triode (or linear) region |V
ds|≦|V
DS,sat|.