It isn't a 100% efficient conversion from input power to RF power out, plus there are things like meter backlights, the speaker, etc. I seem to remember a typical CB drawing a couple amps when transmitting. I haven't messed with one for years though. Your best bet is to measure the actual current draw under all conceivable conditions (transmitting, receiving with volume way up, etc.) If you're under about half an amp max, I'd say go for it. Just make sure you use a good heat sink on that 7805.
Oh, and I should clarify that the output of the 7805 will only allow a max of 8.4 watts at 28.8 input volts.