Hi,
I just piggy packed 2 Prominis (pins gnd,vcc,sda,scl) and programmed one with multiwii and 2nd with I2C-GPS-Nav. From the I2C-Bus I go to a sparkfun LLC with additional 3.3v regulator. The two "transistor ports" on the LLC are used for I2c, one of the voltage dividers I use for conversion nav tx 5V to GPS rx 3.3v. 3,3V tx from gps is enough to trigger 5v rx as high. Now need for additional driver. I use a bare MTK3339 with just additional 10uF smd cap.
You just need the basic components to run the AVR (oscillator, 100nF blocking on vcc/gnd) and the direct connections to I2C/serial. I would add 3.3V regulator and LLC for 3.3V GPS. The setup is dead simple, but the product you listed is even cheaper than a plain promini/costs of parts+pcb.
Edit:

I saved the LLC. I just didn´t remember my last mod. The 3.3V reg is qnd-soldered to the nav pro mini, the 3,3V pin up with gravestone cap 100n to GND. The tx line from the GPS goes directly to the nav pro mini´s rx, LLC for I2C is now on the sensor boards.
I pack everthing up with some protective form for the baro:

GPS is on top with rx and fused LED distribution:
