Hello.
Yes WVR can run on 3.3v, just as you described.
The MIDI will probably not work at 3.3v. One other user reported that 3.3v MIDI will not work for them, they solved the issue with a MIDI thru box of some kind.
Having said that I have not tested it myself, so i cannot be 100% sure, it may work with some 3.3v devices.
There is a very good chance that you could change one resistor on the WVR and have 3.3v MIDI work, but I have not tested this either.
Let me know if you would like me to experiment with this, and I could potentially craft you a 3.3v MIDI WVR, and you could purchase it through my tindie store.
Alternatively you could modify a WVR yourself, if you have the tools to change an 0603 (extremely small SMD) resistor.
MIDI spec uses 2 different resistors in the host circuit for 3.3 and 5v MIDI. I picked 5v because it is by far more common.