Yes, I have looked at pretty much all the translator approaches, ranging from simple resistors thru FETS, diodes, BJTs, and, bidirectional chips, like the TXS0108 series, and, as you say, the bidirectional FET approach is very clever. But, while it may be fine for low speed control type signals, it is not super fast and does not have good enough voltage levels and edges, especially, positive, for high speed lines, in my opinion. The output is also greatly affected by the load. The same for the TXS0108 series of bidirectional translation chips which produce a slow, exponential shaped, rising edge.