Just looking at that schematic, it may be necicary to note that you will get a voltage drop accross the R1 resistor as well as a voltage drop across the diode. You would want to make sure the voltage getting to the slave pic is sufficient.
As for the large capacitor, you can get 5v, 0.047F (or 47000uF) caps. They are small, quite cheap, and will maintain power for your PIC for a number of seconds.
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