I took a gander at Russ' set up. It is exactly as described and it seems to work just fine. I can only assume that since his cell has such a large capacity it does not drop below 4v and that's how he gets away with it. Thanks for you time, Russ.
You try this at your own risk. If you do try it, make sure your receiver is rated down to 3.5v, and that you use a high-quality, low power servo from either KO or Futaba. Anything from Savox, or any of the high-power servos from TC or 10th Off-Road will likely render this set-up unable to cope and shut everything down. It almost certainly won't work with one of the Sport packs below 4000mAh as the cell voltage will be pulled too low. HTH