Sensor 30 meters away
You may have some issues with the level translator chip if you turn off the 5V supply or try to use the EN pin. The VREF2 side is the only one that supports 5V, and the EN pin is referenced to that. Plus I don't see anything in the datasheet saying that you can run the VREF2 side at 0V.

It's possible that it will work, but you'll want to read the datasheet very carefully if you want to ensure that it will work reliably.