I2C Digital gauge indicator logic level shift

I tried to make I2C Logic level converter with 2 bss138 like frrom Sparkfun with no luck, I used schematic from here: http://www.instructables.com/id/A-bidirectional-logic-level-converter-for-I2C/
Can this work if I want to convert 1.5V logic to 5V?

One more question.
Can I connect Clock and Data from digital dial indicator to 2 Analog pins, and make a sketch to check when the voltage is let say above 1V to be logic 1, and below 1V to be logic 0?? And then put 2 digital pins HIGH or LOW depending of the Analog inputs of CLOCK and DATA of the indicator Gauge?, and connect thoose pins to interrupt pin for reading CLOCK and another digital pin for reading DATA? Or would that be too slow???
If even possible...

Thanks for help :slight_smile:
Im going craaazzyyyyyy already.....