[SOLVED] Legit to create a +-5V supply like this?

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No. The 7805 can only source current not sink it. If you place a load such as a simple resistor between the 10V output and the 7805 output (your virtual ground) what will happen? The 7805 output will be pulled up as it has not ability to sink current.

Keith
 

Oh yes I see. Thanks for the reply!
 

As keith1200rs noted, that circuit won't work. You could use a virtual ground circuit along with the 10V regulator. Perhaps one of these would work.
 
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Wow, I didn't know it was just that simple!
These ICs will drastically change how I build circuits haha!
 
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Note that the virtual ground circuit must carry the maximum current and dissipate power equal to 5V times that maximum current.
 

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