Looks like those diodes are "transient-voltage-suppression diodes", and are used to clamp down on electrostatic discharge from frying the rest of the circuit.
As for the transistor, you could probably do without it (though I don't claim to be any sort of expert) and just have the regulator connected directly to the power bus through a switch.
I'm going to be doing something similar, but I just got a cheap CP2102 breakout board on amazon (they generally come with 3V3 output, so no need even to connect through the regulator) to save myself the hassle.