You have a number of options.
Split and regulate your main supply. Also known in RC world as a uBEC - Micro battery elimination circuit.
Install another small LiPo and regulate it to 5V with a BEC.
There are pros and cons of each. The split and regulate will experience noise from the high power motor control switching which may or may not interfere with your device. Capacitors on the power leads of the regulator (though it should have some internally) and ferrite rings on any signal leads you have can help.
I used to run a plane with a 300W 12V main supply, a 12V video transmitter and a 7V RC receiver and servo rig.
I found using the BEC alone I got quite a lot of interference lines on the transmitted video and the RC reception was prone to drop outs and glitches.
I decied to run it off 2 LiPos instead.
A 5000mAh 3S for the main power.
A 1600mAh 3S for the 12V video transmitter and via the uBEC to the 7V Rx.
Some ideas:
uBEC:
https://hobbyking.com/en_us/kingkong-5v-3a-ubec.html(Note some are switchable between a few selections 4.5 - 9V - you might find a smaller one too if you search for "Small uBEC" make sure it's rated for what you need or it will get hot and cut out).
Small LiPo (there are dozens of examples, these will run a uBEC to provide 5V) You will need to work out your flight time and current requirements to work out if it will last long enough):
https://hobbyking.com/en_us/turnigy-nano-tech-300mah-2s-45-90c-lipo-pack.htmlYou might find the FPV community over at an RC forum very helpful regards the telemetry. There are off the shelf units already available for logging, video overlay or even transmission.