Microcontroller circuit
The CD4050 is a digital logic buffer that can be used to shift signal levels from high to low voltage. It is not a voltage regulator - however you don't need one anyway because the EK-LM4F120XL already has an on-board 3.3V regulator. But perhaps what you are really worried about is the signal levels between your 3.3V MCU and 5V peripherals.       

The LM4F120 has 5V tolerant I/O, so you needn't worry about blowing up its inputs. However its outputs can only go up 3.3V, which may not be high enough for devices that expect to see 5V. A standard CMOS logic gate powered by 5V could require a logic high level of least 3.5V for reliable operation (at 3.3V it might still work, but with greater propagation delay and lower noise immunity). Unfortunately that means that the CD4050 is not suitable for level shifting from 3.3V to 5V.

Most servos work fine with a 3.3V input signal, however the LCD display and ranger (and keypad?) might have problems. Check their data sheets to find out what logic levels they require. To level shift outputs from 3.3V to 5V You can use a buffer with TTL compatible inputs, eg. 74HCT4050 (note the 'T' which indicates TTL). If you are using a bidirectional bus such I2C then you may need special level translators that are designed to work in both directions at once.