The jpeg image has what appears to be the top traces only, and it's unclear where the RAW
pin connects to. However, the 5V normally comes from the Vcc pin on the FTDI cable, and this
feeds to the smt 3.3V v.reg. You should be able to connect regulated 5V to the Vcc pin ok and
power the board.
I would have to know what RAW connects to before knowing what to do with that pin.
As the 328 appears to run at 3.3V, you cannot directly interface it to sensors/etc that run at 5V.