In the circuit below, Vcc_b is 5V and Vref_b is supplied from 5V. However, the desire is that Vcc_a can either be 3.3V or 5V. I believe both cases can be handled by making sure that Vref_a is derived from Vcc_b and is set to support the lowest translation voltage in the system which can be on the A side at 3.3V.
Is this a valid configuration?