Hi! I'm powering a bunch of 12v leds via my arduino using a ULN2803 transistor chip. I'm also having the arduino talking with a 4017 to chase a bunch of smaller (3v) leds. I have used a 7805 to regulate the 12v to 5v so I can power both these lighting arrays. Is this good practice - using a 7805 in certain places while also utilizing the original 12v supply to power other things in the larger circuit?