L705CV Voltage Regulator Overheating
I found an alternative solution which may be of use to all those dealing with the same problem. I have ordered a pack of L7808CV IC's which will convert the 12v 1a down to 8v (4 watts is much easier to dissipate than 7) and then 8v down to 5v. I am using 10uf Caps on both inputs and outputs to keep a consistent draw on both ends. If you need a single project i would recommend the buck converter option, however since I already had a set of 7805's for 5$ I just added another 5$ leaving me with 10 7805's and 10 7808's to play with. 

-- I would only recommend the following solution to those who are buying for multiple projects and need 10 sets of one item --