Would a voltage divider work to lower the output voltage in this case for this open collector chip?
Like you propose it will not work, when the open collector output is off you will still get  5.7 V at \$V_o\$

What you need is to add a resistor between \$V_o\$ and ground:







simulate this circuit &ndash; Schematic created using CircuitLab

Left: circuit you proposed

Right: circuit I propose.

Note that the only change from your first circuit (the one with only one resistor near \$V_o\$) is adding a 47 k ohm resistor between \$V_o\$ and ground.