Tim I attached AN10441 to my first post. it's an application note from NXP explaining a simple 3V3 to 5V Bi Directional level shifter.
The answer to your question is I think so, Yes I believe so but read the app note. I had occasion to read the data sheet on the BSS138 and it looks fine. My circuit used 2N7000's first because the were what I had and second I was going from a 3V3 bus to a 5V bus so my situation would work well. IT did work, I modeled it in multisim 11 before I used it out of curiosity and it worked well. The proof was that I got my BMP085 sensor to work and very accurately at that. 50 pounds? about $85.00 Us. Wow I wanted an accurate IR temperature measurement tool for another project... But I might need to find an alternate source that is a little less expensive, perhaps I can use an aural (Ear) type IR thermometer I have one I found, it works but I have to convert C to F in my head, I've gotten pretty good at it but I am more interested in it as a means of detecting small energy changes.. I think I'll take a moment and read the LM317L Data Sheet again. I'll post the resistor values when I'm through.
Doc