Please excuse me if this should have been in the Bluetooth section.

I just picked up some generic bluetooth modules off Ebay, at what I think is a good price (7.50 USD, free shipping). These are rated at 3.3 volts operation. I am wondering if its safe to get the 3.3 by simply dropping the 5 volts bus via a red LED? Would I need a filter cap after the LED? Also, while interfacing with TTL level circuits, such as a pic with VDD being 5, can I just use a resistor between the pic tx and the bluetooth module rx?

I know these might not be the most elegant ways of doing things, but I'd love to start playing around with the module right away.

Regards,

Anand