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I want to use multiple relays so I can use a momentary switch to control switching between Gain and Vol pots in a drive pedal, as sort of a 2nd channel switch with an LED indicator

Can I just use a voltage regulator to send 5V to one side of the coils on the relays and use a single momentary stomp to send the other ends to ground?

If you want to use a momentary switch, you will need some type of electronic latch to maintain the state of the relay. It doesn't have to be a uController, there are several other types of electronic latches from inverter based flip flops to 555 based Schmitt triggers, to NPN/Mosfet combinations. Have a google around for those terms to explore and have a look at this http://www.hqew.net/files/Images/Article/Circuit_Diagram/555relay-400x211.gif and this http://www.bowdenshobbycircuits.info/page9.htm

That's a pretty well thought out design and the initial buy in @ $2400 for the basic no air filter model is a good price point. Now, where can I find $2400 my wife doesn't know about......

+1 to everything Jon said plus make sure nothing is shorting to the enclosure.