I think, it may work. In this case don't forget that low state on the I/O line should be 0 volts, but high state should be Hi-Z, because the pull-up resistor is the sourse of high logic level. The last one should be connected to 3.3V in this case. And 4.7k resistors would do the buisiness, if your cable from board to sensor is less than 20m, according to the datasheet on DHT11.
But, why bother. :-) 3.3V is within valid DHT11 power supply voltages range. LM1117's power capability is weeeeell enough to power 6 DHT11's. So I'd use onboard 3.3V supply for everything.