UART Connection - Voltage Translation

The AirPi UART connection to the Raspberry Pi header has a voltage shifter which uses the 3.3V from the Raspberry Pi as reference:
Is it permissible to apply, say, 5V to the reference input - to allow connecting to a 5V microcontroller
Or 2.4V, or ...
Is it permissible to apply, say, 5V to the reference input - to allow connecting to a 5V microcontroller

Or 2.4V, or ...