A lot of Arduino projects use the 7805 voltage regulator, but if I'm only powering the ATmega328 chip and nothing else (not even the LED or optocouplers), I think I can get away with using a 78L05
16MHz+ speed is supported between 4.5V - 5.5V, but (according to the datasheet) running on the internal 8MHz clock should only draw 2.7mA
Including the external 16MHz crystal, it may be 80mA+ total (30ohm ESR crystal, 2 - 22pf caps, and 10K resistor)
78L05 can support up to 100mA so it's just enough
It's oddly liberating to design a circuit schematic in Notepad