Let's Make Robots!

Quick question - voltage regulators in parallel (sorta)

I have a 8.4V 2/3A 1100 mAh NiMH battery from an airsoft gun (charger was included!) and I read that the raspberry pi and most USB devices tolerate only up to 5.25V (okay I guessed 8,4 was way too much). I need to regulate it to 5V. I thought of using a low-dropout voltage regulator, but the shop nearby only seems to support voltage regulators of a max of 1.5A. I have calculated that my robot can have 3A surges if all systems are on and the motors are stalling (extreme scenario, but it might happen). So with that in mind, is it possible to just add two of the voltage regulators, one lets say for the Pi and USB stuff, and another for the motors, the Arduino and LED + buzzer? To my understanding it should work, but I'm no expert and I don't want anything to blow up. No magic smokey. 

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Oh well, seems like I have found it. 3V <= Vin - Vout <= 35V and 3A max. Silly me. For the record though, would my original solution have worked?

Don't forget to tie the grounds together. :)