I don't recommend 1117 regulators ... some require a minimum ESR on the output, like 0.1 ...1 ohm ESR , so the datasheets recommend tantalum or electrolytic capacitors instead of ceramic capacitors.
The dropout voltage doesn't matter, your input is 4.5v..5.5v so you have at least 1v between input voltage and output voltage ... lots of LDOs out there that need less than that to work right.
I would recommend using other packages like SOT-223 or DPAK / TO-252 which have a larger surface to dissipate heat into the pcb, and basically use a copper area around the chip as a radiator. Besides a decoupling capacitor (0.01 / 0.1 uF) close to the input voltage pins, linear regulators aren't that sensitive about how close the capacitors (or diode or inductors in case of switching regulators) so you can have a small area of just copper around the tab of a regulator.
For example, in the AP2112K datasheet, the thermal resistance for the SOT25 version which seems to be the one you use, is 184 C/W
You'll have 5v input, and you have 3.3v output, so at 0.5A of current output, chip's gonna dissipate (5v-3.3v) x 0.5 = 0.85 watts. So if the chip were to be floating in air, with just wires soldered to it, it would get very hot. Soldered to pcb, it would dissipate some heat through traces but not that much ... so at 0.5A it would be quite hot.
Even UFDN package is a tiny bit better at around 173C/w - for example Microchips MIC5528 (MIC because it was made by Micrel which was bought by Microchip) 3.3v 500mA regulator is better:
https://ww1.microchip.com/downloads/en/DeviceDoc/MIC5528-High-Performance-500mA-LDO-in-Thin-and-Extra-Thin-DFN-Packages-DS20005982B.pdfBut here's some other suggestions
Microchip TC1262 : fixed 3.3v at 500mA max, dropout voltage 650mV at 500mA, 59 C / w on SOT-223 :
https://www.digikey.com/en/products/detail/microchip-technology/TC1262-3-3VDBTR/443194See page 4 of datasheet for thermals discussions :
https://ww1.microchip.com/downloads/en/DeviceDoc/21373C.pdfMicrochip MCP1825T-3302 : fixed 3.3v at 500mA , dropout voltage, dropout voltage around 210mV at 500mA, around 32C/w on DPAK :
https://www.digikey.com/en/products/detail/microchip-technology/MCP1825T-3302E-ET/1635463And there's lots of other chips, and you could also go for adjustable versions, and simply add footprints for two extra resistors to set the output voltage. Surface mount resistors are cheap.
As for the layout, you have lots of space on that board, take advantage of that... use thicker traces, use larger copper areas...
The two resistors by the usb connector can be rotated 90 degrees and shifted down a bit out of the way, so you can have the 5v line directly out of the connector to the right
The linear regulator can then be oriented so that the output goes towards the top of the board and you can get the ceramic output capacitor between the 6pin header and the regulator.
Thicker trace can go along the bottom side of the board to the other regulator.
You can totally do this without jumping to the bottom layer. Worst case scenario, add a 0 ohm jumper link / resistor to your schematic. so you can jump over a trace and not use vias to break the bottom which can be whole ground fill.
Oh I'd also align the 3 pin header with the 6 pin header on the right, and put the text to the left of the header, just to have all pins align.
You could also move the power on led between the two headers on the right, if you think it would be a better place (if it won't be obstructed by wires)
I made a mockup of the left side, but again, ideally you'd use a larger footprint regulator on the board for better thermals.