Hmmm thats an interesting chip. However, in my opinion, it is cheaper and easier to use the 'old school' chips, as these are not availible where I am and whatnot. By the way, just a few notes on your idea- Should the touchplate not be connected to the 555? I believe this can make a tough switch. Also, I dont feel that the current regualtor you're using is neccessary because CMOS chips run from a wide range of voltaqges, they need not be spot on 5v.