The recommended working voltage for the Pi is 5V +/- 5%. Which means anywhere between 4.75V and 5.25V. In practice the lower voltages tend to be unreliable, so I'd recommend a minimum of 4.85V.
5.2V should be fine. It's not outside the specs - unless your supply drifts a little higher.
To be safe, feed it 5.2V through the micro-USB, but not direct through GPIO. This way the small voltage drop across the polyfuse F3 will mean you get closer to 5V and should have a stable Pi
But, yes to what Dilligaf said. That's the best option, especially as the regulator you listed is linear and will dump the excess 2.2V (7.4 - 5.2) as wasted heat and a switching UBEC type won't waste much at all so your battery pack will last about 10-15% longer.