If you are running a project that does not require programming, you should consider some other strategies to help on achieving that.
All this modules I have seen so far will feed the Programming after the regulator. Which is impossible to by pass unless you take it off.
I know people use the modules in final projects and that is ok. But, when you are trying to optimize your project like you are planning, the Dev board needs to go. Specially if you are planning on using batteries. Here is an amazing video from our friend Bill from dronebotworkshop giving you the concept of that https://www.youtube.com/watch?v=Sww1mek5rHU
It is for arduino though. But, you get the idea. Here is another very nice video if you want to work with ESP8266 from the ground up https://youtu.be/PYJsDR-BbRg
The nodeMCU devices are dev boards. The intent of those boards is mostly coding in my opinion. You hook everything up in the breadboard, the module and your peripherals, and write code. When your code does what you need, you should move to the next stage.
Which is prototyping. After you have your code, you now need to move to the design phase. For that, you need to establish what are the components required for your project to run. Specially if you are planing on running it from batteries, it is crucial that you keep only what it is needed.
For that, I would take the module standalone and add the circuitry to run your project without the bells and whistles the dev boards provide. Keep in mind the dev boards has functions you wont need once your project is complete. Like programming, LEDs and so on.
you will need to have your ESP32 module running in a minimum system requirement. For that, there are several tutorials and designs out there. You will need some resistors and some capacitors along with some regulation to have it operating. Then, you add your peripherals.
To answer your question about how much the Device will use, it will depend whether the module is original or clones, and what is required to your project to run. I am not saying that clones are bad. It is just that they may vary a lot from the specs in that regard.
To run ESP32 using batteries you need to add deep sleep strategy to your code. Which I think you are already doing. Also, another tip, is to make sure your peripherals are not powered up while the device is in deep sleep. Which would be a waste. So, if the peripherals have lower power requirement, you could drive them using ESP32 pins. Take a look at the current required by your peripherals and whether the ESP32 can provide the required current to them. Just keep in mind when you wake your device to give some delays for the peripherals to stabilize before you start to read from them.
Another tip is that you should still keep the regulator. Keep in mind the 3.5V you read in the battery is nominal. That means the battery can have a range that is going from over 4.2V when it is fully charged. So, keep a low quiescent regulation is still a good idea to extend the life of your project.
