Question I was wondering if there is any problem with using a level pilot as a fader before the mic preamp in a recording setup with phantom power.  I was hoping to use the level pilot as a realtime gain control so to have manual control over the amount of gain.

The Level Pilot is intended for line-level impedance and passive gain control - it's not meant to go before a mic preamp as it will affect the mic's output and the impedance the mic preamp sees.  Putting phantom power across the pot could do damage to the mic preamp and level pilot. There is no reason you couldn't use it on the output of the mic preamp(as long as it's balanced line level like most are).