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TXB0104: UART voltage conversation

Part Number: TXB0104
Other Parts Discussed in Thread: TXS0108E, SN74AXC4T245


I would like to use this device to perform a level converter for the UART channel instead of the transistor circuit so we can use a much higher baud rate.

We have been recommended TXS0108E, but require only 3 ports. Therefore we have chosen to use TXB0104D.

Our microcontroller works with 3.3V and our module works with 1.8V.

Would this be the correct device for this?

Can OE be connected to 3.3V permanently or 1.8V? If we connect it to 1.8V, I presume when the module is switched on by my uC, the 1.8V will be outputted, which could be a better option?

I can also keep a 10K pulldown resistor to GND.

I have chosen to use TXB0104D, as this is a package that is widely still avilable, 

This is my current circuit

With the device, we will have.

Does this look correct?