Thanks for the great information.
Question three really was the one that stumped me Because it stated "The Inertial Two Sensors Xplained development board has an onboard 2.5V regulator to supply power to all three sensors." I'm glad to have that cleared up and it looks like I'll need to find either a level converter or another sensor board.
EDIT: I think I understand now. The A4/A5 pins used for SDA and SCL are 5V and we need to protect the sensor from that 5V source. Thus the level converter shifts those signals to/from 5V to 3.3V, correct? The power isn't so much the issue because that is regulated to 3.3V from the Arduino Uno.
The reason I got this sensor board is because it was affordable and available at Digi-Key. I get same day delivery on my Digi-Key orders and it was really the only one I could find on their website.
Are there any sensor board you would recommend that are in the same price range (preferably available from Digi-Key)?
Thanks again