Here’s a video of my very hackable 12-channel logic level shifter/translator with a voltage regulator. This video demonstrates how it works. There’s more detail here at the DIY 12-Channel Bidirectional Logic Level Shifter post.
In this example, it’s translating from 7.5V to 3.3V. In another example at the link above, I’ve demonstrated the hackability by wiring it up to drive a 3.3V Nokia 5110 LCD, using five of the 12 channels as logic level translators. Channel two is wired directly to 3.3V for power, channel three is wired directly to ground, and the transistor on channel nine is turned so that the 5V signal controls the gate, which allows PWM control of the LED with full power from the regulator.
Music: “Art Now” by AlexBeroza (CC BY 3.0)