You don't need a seperate lipo pack for the regulator; it runs off the main battery packs. But since the main packs can have a decently high voltage, everyone runs a switching BEC which is MUCH more efficient. A standard voltage regulator would suffer the same high heat issues that the ESC regulator would since they are basically the same thing.
This page should help you visualize how the BEC is hooked up. Just choose the second or third option under the "Receiver Power Wiring" section.
And welcome to the forums!