Level Shifter, how to minimize power dissipated
If you really want to save power, you can use a 5 V CMOS buffer with TTL input levels, like 74AHCT1G125. 

The input switching threshold is between 0.8 and 2.0 V, nicely compatible with 3.3 V TTL or CMOS levels.

The quiescent current is around 10 uA.

And if you put any value on assembly time, or you're paying per location for pick and place, it will likely work out cheaper than a discrete solution.