I'm still awaiting for my "main" arduino kit to arrive - in it there will be different kind of resistors so I'll be able to try making above diagram. I also found out that some people were able to alter address of their sensor and there for were able to use 2 of them, though that was for ADXL345 in my case (GY-85) I have 2 sensors on the board, but who knows it might be an alternative path.
wvmarle:
When the pin is high, it outputs 5V, through the voltage divider that gives 3.3V to pull high the SCL line. When the SCL output of the Arduino goes low it pulls low the line (to about 0.7V) through the diode, a good low for the sensor.
Hi,
I finally was able to build it. But unfortunately no cigar 
Below is screenshot from plotter.
Stepped signal represent state of select (in my case pin2)
As it can be seen state of that pin doesn't affect on reading the sensor.
I also used multitester to verify that setting pin to high - delivers to circuit the voltage.
Then I'm at a loss now... no further ideas.