The fact that it's wireless doesn't change how the level conversion works. Doesn't the voltage need to be regulated? I don't think dropping the extra 0.7V across the diode is going to work too well. I'm not sure about the data rates either, but the pull-up resistor might not allow it to be fast enough (not sure, but just saying).
How did you plan on sending data the other way? I'd just get an level converter IC for that, but usually when I need to convert something I need to convert a whole whack of pins.