alphaomega
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As far as the transformer goes, if you half the input you will half the output. The relay circuit is getting ~6VDC . I have replaced the relays and it has been working without issue.
Ah, I see... That is pretty clever
I think the 5v regulator is a simple linear one and at around 6v, it might be cutting it close to dropout, but if it works reliably then if anything, you should spare the regulator a bit.