Basically. Be aware that diodes drop voltage that you don't want to drop, especially in a regulator situation.
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So I should try and keep the 5v supply seperate from the 5v coming from the motherboard?
Can I take my power and ground from the regulator +5v and the common ground, and the data lines going to the motherboard USB?
Something like this:
That should work, but keep the ground connected to everything.