A level shifter based on [ti’s txb0104 would be superior to [BOB-08745 in most respects, except probably a bit pricier (budgetary price $0.70 for txb0104 in soic)
the main advantages are that it would
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allow any mix of directions, and even allow direction changes
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operate with low vcc down to 1.2v and high vcc down to 1.65
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output enable pin available
The main shortcoming is when there are pull-up resistors–the pull-up value must be above 50k.
I think that using the SOP package it would be possible to fit in the pinout and 0.5x0x6" space of the BOB-08745, but it won’t be pretty.
An 8-signal version based on txb0108 would also be a possibility (budgetary price $0.80)](http://www.sparkfun.com/commerce/product_info.php?products_id=8745)](http://focus.ti.com/docs/prod/folders/print/txb0104.html)