It should be safe and you probably don't need the pull-up resistors. The critical factor is that the pins can withstand 5V while the device is tri-state but you have it permanently enabled anyway. Note that it will not convert from 3.3V and 5V though. A 5V on the 'A' side will be converted to 3.3V on the 'B' side but going the other way, 'B' will come out on the 'A' side at 3.3V. That may not be a problem as it would still meet normal TTL level specifications for a logic high and low.
Brian.