Actually, that might work. I didn't have time to think closer about your original circuit, but this later one makes a lot more sense with the diodes. I would just make sure to use low voltage drop diodes, and make sure both will supply enough voltage to drive your regulator after you drop the voltage cross the diode (and the transistor, but that should be less significant). Don't forget the resistor to the base of the transistor, or you'll release the magic smoke.