Well not sure what your plans for power management are but I can tell you from accidental experience that the MiFi definitely requires an external regulator if you are planning to use anything beyond 5V to try and power it…

Also in terms of watchdog I spent some time mucking around but never got the EC-25’s built in functionality to work properly and found it was much simpler/more reliable to simply run a script on the MiFi itself that polled the connection state from the QMI interface, and gave the modem a kick if it noticed things go down. Have units in the field that have been running this way for several months now with no issue.