Serial Errors - Uno + Servo

I tried using a diode (replaced the red wire in image). The voltage went from 5.01V to 4.95V

the diode will do that, all diodes have a voltage drop across the junction... 0.7volts is a good generic guess, but the exact number depends on the exact diode, temperature, etc. Though the datasheet is usually pretty good about nailing it down.