What is the difference between a voltage-level translator and a logic-level translator?
Yep, this will work just fine. Here is a great article on voltage level translation that Anindo Ghosh shared with me that explains all the different types of voltage translators: http://www.ti.com/lit/an/scea035a/scea035a.pdf

Logic Level = Voltage Level

In a 5v system, 5v(voltage) is high(logic) and 0v(voltage) is low(logic) and same for 3.3v...