RE inverting the Arduino signal you might be able to use this chip - DM74ALS1005N I think. It is simply a Hex Inverting Driver, not a tri-state.
http://www.fairchildsemi.com/ds/DM/DM74ALS1005.pdf
The pin out is not identical but it might simplify things a bit as it only needs Vcc on 14 and Gnd on 7. No gnd or + per logic circuit
Charles