I have done this to put li ion battery (but with a single diode) for many 3V devices. This is somewhat rolling the dice. If it is digital and it is expensive, don't do it! Some - well, all - of my devices are still working to this day. in a digital device, the IC is drawing close to nothing when it's in standby. So, technically voltage is slightly too high at standby - the resting voltage of the li ion battery can be as high as 4.2, and the diode drops something something closer to 0.3 or 0.4V (for very, very sensitive diodes, you can technically record voltage drop at low as 245mV at very tiny draw). Now, there are several reasons this slightly high standby voltage is probably not an issue, but it is still guessing, unless you really know the device in question. 2 diode drops would be safer, but at high current you are now way too low. This is a hack job and should be left where a hack job is sufficient.