Arduino pro mini v5 on-board MIC5205 150mA LDO Regulator

Using Arduino Microcontrollers
25

Alright, so here are my components:

  1. Arduino Pro mini 5V ( Typical supply voltage: +5.0 V, Typical supply current: 10-25 mA)
  2. Transmitter Module ( Typical supply voltage: +5.0 V, Typical supply current: 03-10 mA)
  3. Myoware muscle sensor ( Typical supply voltage: +5.0 V, Typical supply current: 09-14 mA)

They are going to be integrated into a 3D-printed wristband. Hence the battery needs to be small and light. There is no minimal operational time requirement. However the longer the better.

I intend to power through the VCC pin bypassing the Arduino on-board linear voltage regulator.
I am thinking of using this Lithium Ion Polymer Battery - 3.7v 500mAh with a 5V Step-Up/Step-Down Voltage Regulator. The battery has its own PCB that will cut-out the battery when completely dead at 3V.
So Ill have the LiPo battery connected to an external switching voltage regulator connected to the VCC pin.

How does that sound? am I missing anything? I will possibly also use the SparkFun LiPo Fuel Gauge to monitor the battery voltage as an extra measure of safety.