That should work, but it's overkill. Those devices are made for bidirectional signaling. You should be able to use a single transistor that is driven to saturation at 3.3V. A Suitable "logic level" MOSFET with a 3.3 gate voltage should do the trick.
And, as Chris L said in his answer, you may be able to drive an input on a 5V Arduino directly with 3.3V. That's a high enough voltage to be read as a logic level 1.