Yeah a SMPS for 10mA is a bit of overkill. I must admit I skimmed the current requirement.
If you reckon the voltage regulator is the go then there is really no difference to the OP's original desire to use a shunt regulator and a series dropping resistor.
Either way 200mW needs to dissipated, it either going to be the series resistor or the series voltage regulator.
The series voltage regulator will however not regulate once we reach whatever the dropout voltage is.
The shunt regulator will always give a more stable "5V" than a series pass device.
There are some nice TO-92 shunt regulators. I encountered some in a, dare I say it, SMPS I recently repaired.
http://www.fairchildsemi.com/ds/KA%2FKA431.pdf is the devices I came across.
A simple 4V7 zener would maybe all that is needed and an appropriate sized resistor value, but the varying zener current would be somewhat of an issue for a stable Vout over the specified range.
The KA431 would eat it for breakfast.