[Al Skierkiewicz]

Mike.
I agree that a diode across the regulator with the cathode at V in is appropriate with a larger output capacitor. Not sure if that needs to be the case here. However, I would recommend a 10 mfd near the chip just to protect against transients when the LEDs turn on. I like the use of the RC 5 volt rail but the you should then keep the big cap in place to filter the power. One team at Boilermaker had a short on the board pull down the RC 5 volts. Perhaps a small fuse is in order as well.