Question: Can I use my 3.3v USB-serial adapter to load sketches onto a breadboard-ed 16MHz Atmega328?
Background: I ordered a cheap Arduino Nano knockoff from DealExtreme. Well, I got what I paid for, because it came with no bootloader. So, I ordered an Adafruit pre-bootloaded Atmega328, and will use it as an ISP to burn a bootloader onto my Nano.
I already had a "TTL-232R-3V3" USB-serial cable for my PC, so I figured I was good to go. Then I noticed that it's 3.3v, not 5v. Now, I'm not going to be using this cable regularly; I only need to use it to download the ISP sketch onto my Atmega328 once, then once more to burn a bootloader into my Nano via the Atmega328-as-ISP.
Per this thread: Arduino Forum it looks like the 5v Atmega will receive 3.3v signals ok (especially if I turn down VCC down towards 4V, per http://arduino.cc/forum/index.php/topic,23647.0.html). And per http://www.savagecircuits.com/forums/content.php?309-Mixed-Voltage-Systems-Interfacing-5V-and-3-3V-Devices I can use a voltage divider to protect my FTDI cable from 4-5v signals.
I tried to research this best I could, but before I hook it all up and let the magic smoke out, please tell me if I'm making a mistake. 
Thanks!