It's pretty simple. I just bring one of my custom camera profiles into the Adobe DNG Profile Editor, select the most saturated points, and reduce the saturation for those points.
There's no reason you couldn't tweak the hue and lightness also if that helped you get things in gamut.
I leave the points closer to the center alone since that is what gives me the non-linear adjustment. If I tweaked all the points, it would be like your global saturation reduction.
Obviously, just like a perceptual rendering intent I am sacrificing color accuracy for smoother transitions on out-of-gamut gradients.
I have found it works pretty well as an alternative for when I want to convert highly-saturated images to sRGB for web use although I don't claim it is perfect.
Here is a screen-shot from the profile editor that hopefully gives you an idea of what I'm talking about. For this particular profile I was wanting to tame mainly reds and oranges.
A somewhat similar "pseudo-perceptual" techinique that can be used in PS is to bend down the color curves in LAB. Here is an example.
Again, I don't claim that it is the best technique around. I know that some folks don't like to round-trip to LAB and I also know there are probably dozens of alternative techniques for gamut adjustments in PS but I do think it has the advantage of giving you pretty useful visual feedback of where the problematic areas are, how far out they are, and how you might approach a "perceptual" curve to address them.