Electronic – use an open-drain NXP 74LVC07A output as level translator for an 8V CMOS input

Note extremely carefully that note 1 that you refer to in th data sheet applies to the absolute maximum stress only ratings table above the note.
Note that the table below note MUST be what you use for ormal operation.
The normal operation table says that input and output voltgaes both have lower and upper limits of 0V (ground) and vcc respectively during normal operation.

If you violate the spec sheet normal operating conditions requirements you can expect to experience abnormal operating conditions. These may range fro perfectly normal opration through complete maloperation in all cases through to the worst case on unpredicatble possibly unnoticed until something really critical depends on it mis-operation. This can include dying, caching fire or doing anything at all that is not against the laws of Physics under the given circumstances.

The Sparkfun tutorial is generally good but contains one horrendously bad piece of advice,

The Sparkfun resistor and diode solution is safe but pulldown or low is to about 0.6V and pullup is slow compared to a gate switching as the 10k resistor must charge gate an stray input capacitance. These effects often will not matter.

The Sparkfun MOSFET solution is excellent - although the MOSFET used is somewhat marginal at 3V3 gate voltage.

The Sparkfun series 10k resistors in each line is an invitation to disaster and random problems forever.

DON'T DO IT !!!!

To maintain the IC in spec sheet limits Vin <= 3V3 so current flow in the 10k resistor = V/R = (5V- 3v3)/10k = 170 microamps.
170 uA is not very much in most normal circumstances + here it is very likely to drive the pin above 3V3. Catch diode conduction begins reasonably noticeably at about 3.8V and is in full swing by 4V. At 4V you can expect about (5-4)/10k = 100 uA. This current will often be injected in the substrate of the IC in places it was never designed to go and can cause parasitic transistor or can latch nodes in existing devices by inpecting charge that cannot dissipate into floating nodes

MANY people argue violently against the above. They say that it is OK to violate spec sheet limits and to inject current into places that it does not belong and that such actions are consistent with good engineering practice. Walk away lowly from such people with your hands in sight.

ADDED

I may have not been clear enough in what I was trying to say.
The table in the datasheet at the bottom of page 2 is headed
"Recommended operating conditions (see Note 3)".
ABOVE the table are notes 1 & 2 BUT they are referenced ONLY in the table above them in mid page headed
"absolute maximum ratings over operating free-air temperature range (unless otherwise noted)".

ie down to the end of note 2 relates to IC survival worst case.
BELOW note 2 relates to IC operation. Nothing in note 2, and above says the IC will OPERATE NORMALLY. Just that it will survive.

Note that this is NOT pedantry - this is how the data sheet is intended to be read but it is not always 100% clear when it is all presented together. Datahseets essentially always start with an abs max survival section and then follow with a recommended section. "Recommended" has min & max values for various parameters and transgressing them means you cannot guarantee correct operation.

In the case of protection diode currents

• 10 mA will almost garantee disaster and 1 uA will almost guarantee no observable problems.

• At 1 mA and 10 uA you are likely in trouble and likely OK.

• At 100 uA and 100 UA (ie they meet) you are in a grey area and anything may happen and sometimes does. It can be random, intermittent and project and sometimes product destroying. Occasionally may be life destroying.

Good engineering and Murphy say that you do not go outside spec sheet min-max range.

This circuit will work, but not be efficient, power-wise. If the output is high the LED is on and you'll have 20 mA current through LED and resistor.

But with the output low, the LED is short-circuited and therefore off, but the resistor current will be even higher: 50 mA!, which is not only bad for your wallet and the environment, but also for the output pin; most I/Os will only allow 25 mA.

Place the LED in series with the resistor. Then a high output won't light the LED because the output FET is switched off. A low output will draw the 20 mA through LED, resistor and open-drain output.

Note that this will invert the logic: in your first schematic the LED will be off when the output is active, in the second circuit it will be on with active output.

edit
If the output can't sink enough current you'll need an external transistor to increase that.

If the output is active (low) there will flow a 1.5 mA from +3.3 V through Q2's emitter-base junction, R2 and Q1. That 1.5 mA will allow Q2 to source more than 100 mA for a typical general-purpose transistor. You will only get about 22 mA, though, because R1 won't allow more.

If Q1 is off there won't be any base current through Q1, so the LED will remain off. Q1 will have a small leakage current, and to avoid that this would get amplified by Q2 I added R3. As long as the leakage current is less than 0.7 V / 15 kΩ = 50 µA all the leakage current will flow through R3, so that will ensure Q2 will be completely off.