I would not recommend using the balance port for powering equipment. Tap into the main power lines, and use a voltage regulator if you need a voltage that is lower than the battery output.
Depends on what type of flying you are interested in.
The dji phantoms are very good, and there are several that are cheaper than the Mavic, but I would get the Mavic if I were you.
You could also get a higher c rated 3s battery too. It does not have to be 4s. I had a battery that went bad on me, and the voltage drop would kill the flight just like you are describing.
How about these?
https://www.dronehaus.net/products/dys-xs20a-blheli-s-esc-w-oneshot42?utm_medium=cpc&utm_source=googlepla&variant=25441718339&gclid=CjwKEAjwkJfABRDnhbPlx6WI4ncSJADMQqxdUWvYoXa-Xy85MntFhOQZkBbAec9ADCV9zTip8YhSjxoC8ADw_wcB
Nice!
Boscam makes several different types.
http://www.hobbyking.com/hobbyking/store/__56990__Boscam_TR1_FPV_All_In_One_Camera_and_5_8_GHz_Transmitter_with_Video_recorder.html
I would get 2200mah - 4000mah on a 350mm. 2200 will be more nimble, and 4000 will feel sluggish. Make sure that you don't exceed the motor amp ratings.
The p4 is an awesome aircraft. You will not regret it. I have had mine over 50mph in atti mode so you can get decently aggressive if you want to :cool: