Using diodes to drop the voltage is not rerally appropriate for this purpose, sounds like you are aiming to provide a 5V supply from a 2S LIPO pack, this can vary from 8.4V (fully charged) to 6.6V (close to flat), add in some change in voltage drop across the diodes between a few 10s of ma and 5A and the the 'output ' voltage variance could be in excess of 2V, not good.
This is really a job for a switching regulator, at 8.4V in 5V out at 5A a linear regulator is going to be dissapating 17watts, that a lot of heat to be getting rid of. Plus the regulator would need to be a low dropout type, a lot of the high current linears may require Vin to be at least 2V above Vout, so when the battery is flat (6.6v) its not going to regulate.
I have built 1.5A BECs using LDO regulators for RC stuff, they work just fine, simple and cheap.
I have not seen a 5A Linear regulator used for a BEC, they are all switching types for the obvious reasons. And since they cost around £5 delivered on eBay most people would not be bothered to try an make a 'cheaper' one.
A better place to ask may be here;
http://www.rcgroups.com/diy-electronics-199/
The DIY Electronics forum for RC guys.
Whats the PICAXE angle ?