Hmm. Maybe just one hardware item at fault... the regulator.
Try one of these some day.
Digi-Key - 296-8157-5-ND (Manufacturer - UCC383T-5)
Got the TI 5 volt regulator also the black & red 14500 batteries.
All seemed to be working fine for about 2 weeks with 2.2ohm original 510 atty.
After the 2 weeks, not sure what is going on either the switch goes bad or maybe regulator over heats and shuts off and this happens on with any atty or cartomizer.
Over all I am happy but still looking to build a long lasting 5v box with 2AA battys.
Now working on and with a 2AA box, trying to squeeze 2 battys, 1 regulator, 1-510 connector, 1 switch into this small box. I am about 80% done.