That same company makes other DC/DC converters that are adjustable. The one I purchased works with 12VDC in and can output anything from 5-13.5VDC. The problem is, when your battery load drops, the current goes up. It's the inverse law of electricity. So after a while, the current draw starts to heat up the battery and connections and everything

This should not be much of an issue with your setup because of the low voltage output.
Another thing to remember is, your transmitter/receiver works fine with AA batteries right? (Most do) If you use regular batteries (Duracell, Energizer, etc.) the batteries output 1.5V each. But if you use rechargeables, like NiMH, then the batteries only output 1.2V, a 20% drop in voltage! So your 7.2 V would only be only 5.7V. This shows that your electronic devices work well within a range of voltage, and not just one specific voltage all the time.
Try anything that you can find with a fixed output of between 6-8VDC and you should be just fine.
Good luck!