SN74LVC8T245: Schematic review

Unused inputs must not be left floating. Connect A1 to VCC or GND.

Two decoupling capacitors are not necessary for two adjacent VCC pins.

Otherwise, looks OK.

Hello Allen,

Any floating input pins needs to be referenced to VCC or GND. See FAQ below for additional information.

[FAQ] What should be done with unused I/O pins of the level translator devices?

Only one capacitor is required at each VCC pin. 

Regards,

Josh

Yes; the SN74LVC8T245 and SN74AVC8T245 behave the same.

The SN74LXC8T245 and SN74AXC8T245 are more modern and backwards compatible devices that might be cheaper or have better availability.