Is this a suitable Voltage Regulator to replace an old circuit on my board and is my logic correct?
The sn74lv1t34dbvr is not a voltage regulator.  It is a digital signal buffer that can also translate logic levels.

As such it is predestined for the task you want to perform:  drive a 5V logic level input from a 3.3V logic level output.

You haven't posted the circuit around the 2N3904, so I'm not sure if you have it set up to invert the signal or not.

If you need an inverter, consider using an inverting buffer instead.  Like the SN74LV1T04.  It will also translate logic levels.

Or, just invert the program logic driving the signal.



Whether you should do it or not depends on other things.

The 2N3904 costs about half what the chip costs.  The transistor and a couple of resistors is cheaper than the chip.

The chip is in an SOT23-5 housing.  It is a small part.  Some people aren't comfortable hand soldering them.

Maybe you need board space more than you need to save money.  That'd make the chip a better choice.