No 22pf (x2) and 1M resistor around the crystal? (or are you using a resonator instead?)
Is R4/R5 value too low? (don't know what kind of LED you're using)
Does it need to be a switching regulator? What's the power source? Can't you just use an LDO (Low Drop Out) linear regulator?
No bypass 0.1uf caps for U1, GPS module, U2, etc (Vcc pins)... You need those (just to be safe/proper.)
I'd probably add one in parallel with C1 too.
Might as well add a pull up resistor from Mega-pin10 to Vcc (in conjunction with SW1).
Junction in your schematic missing (from P$2 of resonator to GND line). (When you design your board, the pcb layout module wouldn't know something is amiss.)
This is great! I will make these additions and corrections! Oh and yes, I am using this resonator:http://www.mouser.com/Search/ProductDetail.aspx?R=CSTCE8M00G52A-R0virtualkey64800000virtualkey81-CSTCE8M00G52A-R0
I'm powering it from a 3.7V LiPo battery and I would like to get by with as small a battery as possible. That is why I went with a switching regulator for the efficiency. Not sure how much it will really help. This will be something that my wife will carry with her when jogging so I want it to be as small and light as possible.