i have a little doubt about the mosfet in the circuit basically when there is a voltage in the V1(5v) it gets divided before going to the gate then the gate turns on the mosfet that is the USB(V1) power is used by the device, what i dont understand is the VBAT(V2) should be connect to the drain or source of the mosfet, i think it should be the source but there is a diode between the drain and the source which will be forward bias if current is flowing from the drain(I might be wrong), which mean current wont flow from source to the drain.

1. Capacitors are devices that can store charge(You obviously know it right...!!!), So by using this property of capacitors (aka caps) small valued capacitors of order 1-100uF are used for reducing voltage transients. Voltage transients mean, when high amounts of voltage is flodedd to an input, there will be sudden spikes in the flow of current. This will damage the device. So, by putting capacitors at the input and output creates a virtual low-resistance path which makes sloww drop in the voltage(Like an decaying exponential).

2. So, how what values of caps you must place now? At the input you must put higher capacitance value relative to the output side.
   For normal uses for LM7805 regulator at
   Input - 10uF capacitor
   Output - 0.1uF capacitor
   Typically these values must be fine.

Coming to the resistor, I guess it is used as current limiting resistor. You can put just 2 capacitors at input and output and rest of the components can be ignored. But, in minimum config schematics they give those capacitors for stable power supply so if you want it you can put those components. Else you can abstain from populating them. If any queries please revert back.!

May be this might help you out..!! Please try out and let me know your output.

You can programme your board using the JTAG pins on your PCB by connecting them to the JTAG pins of the programmer board.

You can use these

for extending the JTAG pins. These are a little small and can reduce the width of the PCB. Please let us know in case of queries. You ca easily find the footprints of these connectors in your PCB designing softwares.

JTAG connections

i am trying to make the pcb as slim as possible here and adding the jumper will make it a little bigger width wise, i thought the the UART(JP1) is for uploading the code to the esp module as it is connected to TXDO and RXDO or is it only serving as a power connect in this schematic?

I suggest you to even look at the datasheet of the ESP32 because they have mentioned how you must place the SoC module on PCB. You cannot place the module in the middle of the board as it causes bad reach to the antenna. The SoC must be placed at the edges of the PCB with antenna side protruding outside. There are many other design rules mentioned in the datasheet. So, Please refer it before you start your work. All the best, happy making..!!

You need to build a custom board with the ESP32 SoC and the MPU6050 IMU, right?

first, you need to select appropriate ESP32 SoC from the wide variety of model, after that using the datasheet find out the minimum configuration circuit for the SoC and add the MPU6050 module. that's all you need. the most tricky part is the minimum configuration circuit.