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That is exactly what is done in commercial broadcasting on the AM band. The negative peaks are limited to 100% while the posiotive peaks are allowed to achieve 125% peak modulation. The result is louder audio without exceeding 100% neg  modulationand the resulting splatter.We used a Gates Solidstatesman limiter/amp in the audio chain that had a detector that would ensure the positive peaks were always the dominant peaks and would automatically reverse polarity if it needed to in order to achieve the desired result.