I'm not sure whats wrong with the 5V+. Since the the 5+V was not stable I used a 24V, 7805 regulator, and some capasitors (1000uF between 0V and 5V).
The problem is you're expecting the Magic Pie's +5V to supply much more current than it is capable of doing. I found it could not even deliver 0.02A
(20mA) and it was unable to switch a miniature 4.5V relay that I was hoping to use.
The LM317 might be able to supply enough current for your GPS as long as it requires
less than 500mA, but it will definitely need a suitable heat sink to dissipate the amount of heat that will be generated dropping the voltage from the 24V
(29.4V) source to provide the required 5V output.
The LM317T can safely be used to dissipate up to 0.25 Watts without a heatsink, but up to 15Watts
with a suitable heatsink.
Note that the 15 Watts is an absolute maximum dissipation rating for an
LM317T. If you need a voltage regulator which will dissipate more than that, consider the
LM338T as an alternative.
Check these links for more useful information:
Using the LM317T as a Voltage regulatorUsing the LM317T as a Current regulatorChoosing a suitable heatsink for use with an LM317T voltage regulatorAlan