Power Issues creating sensor read issues

Postholes:
I was having a power issue and when I run anything through the on-board voltage regulator (on a linksprite redback), either filtered 5v using a voltage regulator and capacitors before connecting to the redback, or 7.4v unregulated connected directly to the redback it is knocking the power to the 5v output pin to ~3.03v. The range finders I am running are based on a 5v set up.

When I run the board through the USB cable I have no problem with the sensors.
Can I put regulated 5v power on the USB VCC input pin and ground on the USB header?
Would doing this solve my problem as well?
I tested voltages with the USB cable connected and it is doing just over 4.6v, would connecting 5.02v be a problem?

I haven't tried simply because I already burnt out a ~$60 board and had to replace it with ~$80 and I don't want to have to spend more money on credit to finish this project HAHA!

This is a picture, the redback is a copy of the asynclabs yellowjacket. I can see the lines from the VCC go to the 5v output pin, but it also goes to the ttl converter, would that create a problem?
http://asynclabs.com/wiki/images/8/8c/YellowJacketv1.JPG

Thanks for any help,
Postholes

Well the CuteDigi site appears to have no technical specs at all. Wiki is empty. From the photo I'd suspect the regulator
on the board won't be able to supply as much as 500mA (the typical USB current rating). What are the sensors loading
the 5V rail (ie link to datasheet, as always)? Have you checked how much current they need worst case? Can you
provide a separate 5V regulator for them?
to power them?