3.5inch TFT touch shield power

I'm trying to little project using arduino uno with 3.5 inch TFT touch shield. And i want to power my project with 7.4v 1500mah lipo battery. Should i power my uno through Vin pin or use step down regulator then 5v pin? What will happen if i power my arduino through 5v pin and connect my shield to arduino uno?

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