that won't work (well). it might work but its not correct.
I built one using that schematic (funny proto shown here):

its ok to laugh. it makes me laugh and I built the damned thing

all I had on hand was the tiny smd mosfets and so I did the best I could to hand/air wire them.
but anyway, you have to tie the pullups to the LOCAL Vcc, be it 5v on one side or 3.3 on the other.
the general idea is that it sits at the 'right' high level and gets pulled down on 0's. a zero is a zero to all logic (more or less) but a high could be 5v or 3v.
so its best to not try to redefine what 'high' is for the A or B side or your circuit.
(btw, this build of mine certainly redefines what it means to use GLUE LOGIC. hahahaha)
