RE: CH Ign.. and low battery
don't know how much current the CH draws but i doubt it is low enough to use that regulator without a heat sink. it's also not considered proper design practice to use the LM7805 without a pair of caps. a pair of tantalums would work fine and be very compact. also important is the 2-2.5 volt dropout but with 6 cells you should be fine.
and $2.99 for a 50 cent part??? but then i guess that's what you have to pay for the convenience of picking one up on your way home from work.....
so if it works for you, great! but do keep an eye on it just in case.
dave