What is direct replacement for condensing fan motor k55hxlrh0208?
Also which direction is determined from the shaft side or opposite shaft side?
I believe it is a CCW. Also have heard it's OK to up grade to 1/4hp?

I searched:
"condensing fan motor k55hxlrh0208" and got this from Grainger:

http://www.grainger.com/Grainger/wwg/search.shtml?searchQuery=condensing+fan+motor+k55h xlrh0208&op=search&Ntt=condensing+fan+motor+k55hxlrh0208&N=0&GlobalSearch=true&sst=subset

Searched just the Number and got 1 result?:
GENERAL ELECTRIC Motor, PSC, 1/4 HP, 1075, 208-230v, 48YZ, TEAO - Condenser Fan Motors - 1YJB5|5KCP39FGM599S - Grainger Industrial Supply (http://www.grainger.com/Grainger/wwg/search.shtml?searchQuery=k55hxlrh0208&op=search&Ntt=k55hxlrh0208&N=0&GlobalSearch=true&sst=subset)

I would call and have them Verify it is Compatible.

Since it says CW/CCW in the Specs, you have a pair of wires to swap for reversing, you want the air to blow out the top.

Rotation is determined while looking at opposite shaft side.

I just hook them up, if they blow out the top, I leave it, if it is blowing down, I reverse it.