Proper (low power) use of a tri-state buffer when used as level shifter.
As another answer already said, 3.3 V is not sufficient to guarantee fully switching a CMOS gate powered by 5 V.

You should consider swapping your LVC part for one from one of the "T" logic families like HCT or ACT.

These have TTL input levels, so that 3 V is guaranteed to fully switch the inputs, but provide full swing output levels like CMOS families.

For example, 74HCT125 provides four independently-enabled non-inverting buffers with these logic properties. 74AHCT125 does the same, but with lower quiescent current, and probably other spec changes.