Yes, I've used it when breadboarding. In fact, I meant to include it in my post but could not find it with a quick search at Spark Fun. (I lost a network drive a few months back which had a lot of my notes, etc. and most of my toys are still in storage after a lengthy hospitalization last year.) It should work fine here.
Also, either the Tips file referenced by mackrackit or a similar one from Microchip (I think.) has tips on getting 5V from 3.3V. For example, if you're using a MAX232 or similar line driver, you can steal 10-12V from it. Of course, it depends on the current needs of your 5V device.
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