I've looked at your schematic and I think you're going the wrong way.
The first approach was OK, but the MOSFETs looked strange. I suppose they comprise some kind of level shifting between 3.3 V and 5 V?
First, I'd stay with running your circuit on 5 V and leave it at that and remove the 3.3 V LDO.
Second, I'd solve the 3.3/5 V incompatibility with bidirectional level shifters. The TI TXS0102 comes to mind, but there are probably others. It's a two-channel device, and that's all you need.
Third, the A0, A1, A2 jumper circuit won't work, you can't leave any of those inputs open. You'll either have to add pullup/pulldown resistors, or use a two-way jumper setup. The PCF8575 data sheet is terrible on this point (and on others).
Cheers.