Just for info, Binocular inductors are so called because of their similar appearance to binoculars
They are also known as 'Pig Nose' cores as they have that appearance as well 
Ah, I see, thanks for the explanation. I learn something new.

I think that radio and RF applications are quite specialized, where people pick a core material and wind coils for a very particular duty.
But in general low frequency electronics the story is different and winding your own inductors is not worth the time. Better and more efficient inductors are purchased ready made in both through hole and SMT varieties.
For this application I would have thought a simple buck voltage regulator would do the job? Use an off the shelf buck regulator IC, add an inductor, a capacitor, a resistor or two and you're done. There's almost certainly a preset 5 V IC out there given the prevalence of 5 V and USB power these days?