Using S7V8F3 with Arduino and ESP8266

I want to use the S7V8F3 to provide extra power to an ESP8266 wifi device connected to a 3.3v Arduino.
The on-board regulator on the Arduino does not provide enough power to run the ESP8266 so I want to use the S7V8F3 connected to an external 3.7 v Li-ion battery to power the ESP8266. Furthermore, I want to switch the ESP8266 on only when needed using the SHDN pin and an Arduino pin pulled low to shut the power off.
Anyone tried a similar idea with the S7V8F3 - any clues much appreciated.


I do not see any problems using that regulator with a 1S LiPo and controlling its shutdown pin like that.