Hard Limit was never intended to be used like this! It's basically there to remove very small and short spikes, which are left by the clippers. Or, in extreme cases, to avoid distortion if you don't have the clippers enabled. It was designed to not introduce harmonics (to protect the FM signal), not to sound good! Which is fine as long as it does almost nothing...
See
http://help.stereotool.com/7.40/limitin ... html#10126
I do have plans to add something else in the new future, which should do what you are asking for.