The 74HCT125 is awesome for SD since its a QUAD piece. You might find it more usefull using that part. The SN74LVC2T45 is a OCTAL part which may be a overkill.
I think its ok if you connect the 3.3v output to a 5v input aka 3.3v Tx pin to micro but for the input pin use that IC. You could use the IC for both if you wish.
I never tried this but maybe you can convert the 3.3v logic to a 5v logic:
I assume you need to setup like
1A = 3.3v
1Y = 3.3v Rx Pin on GPS module
1OE = TX on PIC
2A = 5v
2Y = Rx on PIC
2OE = 3.3v TX Pin on GPS module
If im wrong please correct me.
Be aware that this IC : "outputs enable inputs (OE = active LOW)"
I will not recommed the HCT,HC series buffer.And 74HCT125 is not a level translator.Use level translator only.Level translator only solves your problem