Probably ok, but are you forgetting the ~400mA peak currents during WiFi comms?
You can smooth that out with a 470-100uF cap on the 3.3volt line, but does the module you use already have that?
50mA IR LED current is low. Any small-signal transistor (2N3904, BC547, 2N2222 etc.) can do that, and with a lower saturation than a TIP120.
Leo..