Orbits only really decay due to atmospheric drag. Other tiny bits of cosmic, rarified gas can slow the spacecraft on a long timescale, and solar radiation pressure can perturb an orbit (occasionally dramatically, if the Sun is unhappy), but the effect is far smaller than constant drag. If a small satellite is orbiting Earth at a high enough altitude which was calculated to consider the broader gravitational system (Earth's natural satellites, the Sun, and fainter perturbations from nearby celestial objects have to be factored in), orbit can be designed to be stable on a long, long timescale. Millions of years, or more.
The real fly in your plan's ointment would be exposure to space, which sucks a lot for electronics.