Can you power 3 servos and a gyroscope with a 2s 1300mah lipo battery?

I have three 9 gram servos and a GY-521 module. I want to power those with a 2s 1300mah lipo battery. The output voltage of the lipo battery is 7.4 V. I will lower that wit a voltage regulator to 5 V. Is this possible?

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But may not be the best approach.