Probably not.
I'm guessing the 'limit' basically prevents you from going above a certain level.
A pad on the other hand, turns the entire signal down. They're usually -20dB,
so it's twice as soft (-10dB), and then twice as soft again.
Honestly dude, what I'm hearing sounds like digital distortion (IOW, overloading
the input on your device)
I have the same problem with my MBox 2. I plug my guitar in, turn the gain all
the way down and play soft, it sounds grand. Play harder, and it starts fuzzin
up the place. But the Mbox 2 has a pad button so 9/10 times I turn that on,
and it's all good. I'd recommend turning the volume knob on the guitar 90% of
the way down.
Or if you have a guitar effects pedal, plug into that, turn the volume down there,
and then plug into your interface.
Or, and you mightn't like this option, get a better interface