Multiple I2C devices with the same address
I think I'd be tempted to do it this way.







simulate this circuit &ndash; Schematic created using CircuitLab

The Enables from the microcontroller basically act to enable the pull-up, though, depending on the device, the resistors could be internal to the micro, and you could turn them on and off when needed.

However, in reality, by the time you add all the diodes and resisters and route it all, a multiplexer would probably have been cheaper, would take less real estate, and require less IO pins.