Hi, i am switching from arduino development board to my own pcb using atmega 328p-pu. I am not sure on the regulator to be used as i am using a 7.4V 2Ah li-ion battery.Any help on this would be appreciated.
The LM323 should be fine. It can souce upto 3A.
A conventional 7805 will be cheap and available everywhere too you can use it to provide 5volts to your circuit and it can source 1.5amps of current which I think is more than enough for most of the implications