MPU6050 Board, power& pullup question

Hi,

my father-in-law is an active member in an astronomy association.
They got donated an 8 ft parabolic antenna and he asked me if I could
help them with the electronics for driving an actuator to change the
elevation and measure it. With a background in chemistry and my
active ham radio time some 15 years back, I happily accepted in order
to learn something about electronics on the way.

I bought a Sainsmart GY-521 module with your MPU6050 which I
intend to use as an inclinometer by determining the acceleration in
two axes. This will be connected via a pair of bus extenders (P82B715)
to a board with an ATMega328P (on which I am currently working)
which I will be programming using arduino in the first version.

I designed the schematics and the board on which I will connect
the accelerometer, but a google search has cast doubt on how
to best design it.

The relevant passage is here:
http://electronics.stackexchange.com/questions/61286/wiring-a-gy-521-to-an-arduino-uno-r3
"Now, I think based on this schematic:
... that the sensor module actually operates at 3.3V, so you will probably run
into some voltage level problems making the two devices communicate."
Schematic of the GY-521:



Other places seem to indicate that the board can be connected from
3.3 to 5 V, due to the on board LDO. However LDA and SCL are
pulled up to 3.3V on board and yet they are connected to the
"external" 5V LDA/SCL without any level shifting.

So I am not sure if I should design my board like this:



with a 5V-3.3V LDO and 2 MOSFETS to shift the levels from 5V to
3.3V. However in this case the second LDO will not have a high
enough Vin to generate 3.3V.

In the second version



Vcc will be ok, but Vlogic will be too high.

Has anyone ever used one of these GY-521 and would have any hints
on how to doing the level shifting correctly?

Thank you very much