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Designing an input power circuit

Other Parts Discussed in Thread: TPS631010

Hi

I need to design a circuit and following are the inputs/requirements:

1) Power source is 2 AA cells in series. Voltage would be about 3.6V with new cells and drop down to 2V over time

2) Need 3V and about 100mA for the MCU+sensors circuit

3) Need 5 to 6V for the actuators with about 500mA

I am thinking of the following approach.

Following are few questions I have:

1) Is this a good/suggested approach? 

2) If not, could you please point out the issues in this and suggest a better solution?