Well.. started to put together a USB passthrough and was going to use the shell of a "dud" 510 battery, started to rip it apart to get the led and batteries out leaving just a button and the connector head and it started heating up and making that wonderful bleachy electronic burn smell that preceeds something popping in your hand so ill go find it in the snowbank hopefully discharged tomorrow
Anyhow, found this thread with you guys talking about $6 regulators... are you crazy??
LM317T is a variable regulator, can put out any voltage 1.2V+ using two different resistors to set your output, for 21 cents. **21 CENTS** and thats individual price online not wholesale bulk price. they're even $2.29 at radioshack. But they sell $2 chinese phone adapters for $35 so thats normal.
You can get 4.17 volts using a 240ohm and 560ohm resistor, right in range of a fully charged 510 battery, or 150ohm and 330ohm resistors gets you 4 volts (id rather undershoot by .2 volts than overshoot by .13 on feeding my atomizer *shrug*)
I doubt a 1V stepdown will generate much heat as well