May be fine
The reason I won't use a reg is that as well as limiting voltage - the instant current draw is limited
The closer the batt voltage is to the reg setting (output voltage) the less this will hapen
personally ---on a single cyl engine a 4.8 v - setup - I see nothing which beats a 4.8 v 1400/1500ma Intellect pack - which is tiny and weighs about 3+ounces.