You'll need to remove one of the leads from the ESC to the receiver as well so that the ESC is not providing voltage to the receiver. I believe it's the white wire, but double check your ESC's manual. Also, here's another reccomendation for the voltage regulator:

http://www.horizonhobby.com/Products...rodID=LOSB9608

There's one available w/o a switch too. If you're using a LiPo receiver pack you should also use a voltage cutoff too in order to prevent over-discharging the receiver pack:
http://www.horizonhobby.com/Products...ProdID=NOV5470