Another quick review is needed..

Pressure sensor needs 5V logic for I2C and MCU operates in 3.3V

Is this drawing capable of doing this level shifting ?

I2C speed would be standard 400kHz

 

That sure is an odd looking circuit, but Philips/NXP reckon it's perfectly cromulent: http://www.nxp.com/documents/application_note/AN10441.pdf, and they did invent I2C.