Replace an inverter and a MOSFET with an IC for 3v3 to 5v level shifting?
If you have the ICs already in stock (or in mind), then it is perfectly fine to go with those ICs. As a good design practice I would first check basic need of voltage level translation. The chosen IC is for the same purpose. 



The other minor things you should also look at is:


Power consumption
Maximum operating speed
Behaviour during floating input signals
Price
Space on PCB  
What if the output is meant to be open collector?


Alternate Circuit 1

The component count is way lessthan the present solution. Cost is next to nothing. 

Alternate Circuit 2  

Simple to understand. Input is supplied at the base in the left side of the image. Output is tapped at the right hand side