Questions:
# You "have" 8.5v? Yet you want it to work with 3v? So, what is the role of the 8.5 volts? Why even mention that?
# Will your 5v relay work at 3 volts? How much current is needed to drive the relay at 3v or 5v? OR what is the relay coil resistance?
If you require this to work at 3 volts, and the 8.5v supply is not an option, then you might need to do DC-to-DC conversion. Otherwise, this is how I interpret what you are saying:
Use the 3v supply to drive the switch and CD4027 and have the Q or Q-bar output drive a transistor that drives the relay coil via a 5v supply driven by the 8.5v source. In other words, the 8.5v source feeds a 5v regulator that drives the relay coil via the "open-collector" transistor circuit. This, of course, is assuming that the 8.5v supply can deliver enough current to drive the relay coil.
If it must all work from the 3v supply, then, again, the 3v supply must be capable of driving the relay coil, whether that's directly, or via a DC-to-DC converter.
That attached schematic is merely to present the logic. I'll leave the voltage levels to you.