Or, a 7805 regulator on the board. I've done that before. They hold up well at the less than 500 mah these circuits usually draw or higher for a new circuit, and can take up to 35 volts input. Cheap insurance for the timer pic and if you use Lipo cells, a 2 cell pack at 7.4 volts 2200 mah will last all day long. Very light weight also. Even a 1200 mah will go a whole day's flying. LiFE cells at 6.6 volts 2 cells are also good.

John