What Voltage Regulator should I use to power my servos with a 7.2V battery?

Hello,
I am pretty new to arduino and my latest project is building a robotic hand controlled by a glove based off this instructable: http://www.instructables.com/id/DIY-Robotic-Hand-Controlled-by-a-Glove-and-Arduino/

I have a 7.2V battery (made by Vex Robotics- but it is the same thing as any 7.2V RC battery). I want to use it to power five CS-51 Hobbico Servos (I believe they take 4-6V). As I do not want to fry my servos, I need a voltage regulator to make the the battery work with the servos. The guy in the instructable does not need a voltage regulator because the servos he uses can take 7.2V.

What type or model of voltage regulator should I buy or order to make this work?

I read that some voltage regulators need at least a 3v difference between the desired output and their input, is this true?

Thanks a ton

UBEC unit ...hobbyking

6233_1_High.jpg

You can try 2 silicon (power) diodes, to drop the voltage by about 1.4V. How much current will your servos draw?