I would be cautious about using 3.7V to power the reciever for a couple of reasons
1/. If you have a 2.4GHz reciever then it will probably be OK on 3.7V (internally the Rx runs at 3.3V typically) but it could be vulnerable to any shifts in voltage caused by battery voltage variations or noise on the system. If you are running on 40MHz it is more likely that the reciever will be desiggned for 4.8V operation and may suffer from reduced range and vulnerability to interference.
2/. The reciever is used to power the servos - these are usually designed to run on 4.8V. Running on a lower voltage could significantly reduce the response time of the servo and reduce its torque - this could affect the control of the boat under load.
If the ESC is one of the P9x series then it will function on 3.8V, however there is a risk that the MOSFETs that provide the motor drive will not be turned on as fully as they would be if the system is running on 4.8V which will mean that they could run hotter than on the higher voltage. This may mean that you need to provide more heatsinking or water cooling to control the temperature.
If you really cannot support a 4.8V reciever battery pack on the system, then I suggest using a BEC (e.g. ACTion P19) from the main battery.
Wom