Overcoming the logic level translator limitations
One option is, design your system to accommodate translation from 3.3 V on the uC side to lower and equal voltages on the peripheral side. 

Then if you have a 5 V peripheral, include as part of the peripheral circuit a translator to translate from 5 V on the peripheral side to 3.3 V on the uC side. This means that 5 V peripherals will have their signals running through two translator circuits.