Most modern receivers run happily on a single lipo (3.7 volts).
A lot of modern gear has electronics that work more or less OK down to a surprisingly low voltage. The real questions are whether the voltage supply is stable enough under load because the electronics relies more on stability than actual voltage. Whether other items, like servos, will be responsive enough, or in the case of ESCs, whether the output stage will saturate enough to avoid heating under load is another consideration.
The "standard" used to hover around 6 volts - handy for the batteries of the day, being 3 lead acid cells, 4 dry cells or 5 NiCads. The advent of digital integrated circuits settled on a very closely regulated 5 volts, which is now largely the new standard. Lithium batteries are either well below this, or considerably higher, which leaves a problem. Later generations of static logic chips had a much more generous operating voltage spread, active chips like PICs less so. The logic part of most of our gear is
probably happy down to 3 volts, possibly less. This leaves the problems of the output stages not switching fully and cooking themselves, and voltage stability under load at a low starting voltage.
The answer in this case, space and weight considerations being met, might be a home made mini Bobs Board - a mini servo working a wiper to switch resistors.