In case you use a simple voltage divider you should clamp the line which goes into the 7344 encoder inputs with 4.7v zener diodes. In case the 'lower' resistor of the divider gets open the input circuitry of the 7344 might be damaged due to excess voltage.
Also, when using any level converters (with voltage dividers or active circuitry) it is essential to provide a fail safe overvoltage protection to protect the 7344 inputs - and also your computer. The best method is galvanic isolation via optocouplers, but usually these need extra circutry to drive their inputs (they require several mA to drive the LED) and to re-shape their output signals since most optocouplers have rather long rise and fall times.