Qik 2s12v10 voltage regulator

Can the 5 V regulator handle two servos in parallel? I have a 7.2 Volt 3000mah battery hooked up to my Qik which is driving my 4 motors: Two sides with 2 motors wired in parallel in each side. If I could use this it would save me time from having to implement my own regulator.

The documentation claims it can supply up to 70 mA:

70 mA is less than a single typical RC servo will draw, so I’d say it’s a pretty safe bet you’ll need a separate BEC/regulator.
You don’t need to design it yourself – there are lots of UBECs or step-down regulators you can buy, including a number right here on the Pololu site.
If you want 5V/1.5A output from 7-35V input, the Murata OKI 78SR is a solid part, too, if you prefer to buy your own from distributors.