From a voltage standpoint, a lithium battery would work fine. 7.4V is low enough to still be usable with servos without regulating it, yet is high enough to work fine with pretty much any 5V regulator. Not too much is used up dissipated as heat.
You do have to be careful about letting lithium batteries get too discharged since it impacts their life expectancy. You might want some kind of battery voltage monitoring Tracy Allan has some techniques for this on his website www.emesystems.com.
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You do have to be careful about letting lithium batteries get too discharged since it impacts their life expectancy. You might want some kind of battery voltage monitoring Tracy Allan has some techniques for this on his website www.emesystems.com.