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Also,

Brian, I disagree with your 2V dropout -- if you look at your chart there is practically no dropout. If there was 2V of dropout, a 7V input would yield a 5V output, and a 5V input would yield a 3V output. That's not the case.

The CC BEC uses a P-channel MOSFET for the power switch. The only dropout should be from the resistance of the MOSFET itself... So around 30 millivolts or so.