I suggest a MAX631, which is a switching regulator, with 80%+ efficiency. Since it is also a step-up regulator, even if the input voltage drops below the output voltage, it can still provide the output. It requires just 2 external components + a current divider if you want to adjust the output voltage (which is your case, since the MAX631's predefined output is 5V)I am very found of Maxim's voltage regulators. They have an extremely low dropout voltage.I often use the MAX604 and MAX603 in my designs.
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