I'm in the "always on for sports" group using Mode 1. I shoot soccer with the 5DMkIII and MkIV, along with the Canon 100-400 L MkI. I use a monopod with a ball head. Typically I shoot at 1/1000s. Fwiw, I don't use continuous shooting; I get into the action and time my shots. [Btw, I love the push/pull zoom of the MkI!]
I've seen all of the recommendations et al regarding using IS. Canon actually says you can use it on a monopod. Keeping it on helps me compose my shots. It works for me, so I use it.
The MkIII and MkIV are high performance cameras, designed to help the photographer get the shot. Both cameras are generally good for 1,000 shots on a battery, but I don't worry too much about using a little extra energy with IS. I need it, I use it. Worrying about using a tiny bit of battery power for IS is akin to worrying about how many photos I'm taking. Before a game, I charge my batteries and reformat my cards. At half time, memory cards and the battery (if it is approaching half charge) are switched. During the game my attention is on the game.

