Alternative Way to Power Components on an Arduino
Using a motor controller to power an Arduino or analog peripherals is probably unwise as the source is liable to be noisy. 

Better, probably, is to power the Arduino from the 7.2V supply via a noise filtering resistor into the Arduino's Vin terminal.
NBNBNB 7.2V input MUST be to Arduino Vin.

Use a small series resistor from 7.2V to Vin and a large filter cap at Vin to ground. Then power the sensor from Arduino 5 V output.

Voltage drop in series resistor from 7.2V to Vin must drop under 2V.
Rmz is &lt;= Vdrop / Iload
For say 50 mA load Rseries = V/I = 2V max / 0.05 = 40 Ohms .
For 100 mA R &lt;= 2/.1 20 Ohms.
So probably try about 22 Ohms to start.
If Vdrop is > 2V a smaller R is needed.
If Vdrop is &lt;&lt; 2V increase R.

For the capacitor at Vin - the larger the better.
100 uF good. 1000 uF better. 

Resistor power dissipation is I^2 x R.
So at even 100 mA Pres = 0.1^2 x 22R = 0.22W
A 1/2 Watt resistors would suffice.
A  1 W resistor would do no harm and would tolerate the heat better. 



The 22 Ohm resistor and large capacitor form an RC (Resistor + Capacitor) noise filter.
This greatly reduces motor noise which appears on the 7.2V line.
This is very standard practice in real world installations like this.
An inductor based filter can be better but RC should suffice.