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DC-DC Converter/Regulator Question

Not necessarily, the original poster didn't say how accurate the 3V needed to be so I diode spacer might be fine.

He also didn't say what it's powering.

If it's just a circuit which is designed to run off a couple of AA cells then the 3.3V regulator as is will do, it's only 10% higher than the target voltage which should be fine.
 

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