OK this is from an EE here....
First, I would definitely not run straight off 6v. The electronics will probably have absolute max ratings of around 6v. Good chance of blowing things up.
A low dropout (LDO) 7805 might be nice running off 6 Volts. A standard 7805 needs around 1-1.2V higher on it's input to work effectively. It's a linear reg so it becomes less efficient the higher input voltage you have. You're only dropping a volt or so, so a LDO linear reg off 6 Volts is probably the simplest and best solution.
As for running off 4.8V you may start to have issues when the battery starts running down. The device may work down to 4.5V but you're pushing it.
A regulator of some sort is the best way since it also provides some protection at connecting batteries the wrong way round etc. You have to consider that these surplus modules have power supply pins with essentially zero protection.
Do you have any current or power consumption specs?
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Christian
#40104192 120Gb (no longer in my E36 M3, won't fit the E46 M3)