captaincrunch111,
Two thing's too think about. First, sound's like your voltage regulator was installed wrong. Should be before the ignition. If your going to use a battery with higher volt's than the ignition is rated for, it will fry quickly. Most ignitions are rated for 6v, a 6v battery fully charged will put out aroung 7.2v. Use the regulator.
Second, An electronic shut off for the engine is a good idea, if anything should go wrong with the throttle servo, linkage etc, you can kill the engine and dead stick land. Yes some say you can use the choke, I personally don't like loading the engine up that way. Plus if anything went out under full throttle, the choke probably would'nt kill it. An opto kill just adds a little electronic protection from itself, the ignition and\ or rf noise.
I've never heard of an I-BEC, we can't eliminate the ignition battery, I don't think.
Just my two cent's. Enjoy.