The traditions vary from jurisdiction to jurisdiction, and sometimes from Lodge to Lodge.

I was told by my father who gave me my first Masonic ring that if you are more interested in others knowing that you are a Mason, then you wear it with the compass points outboard, facing others. If you want to constantly remind yourself that you are a Mason, and use it to keep you on the right path, then you wear it with the compass points towards you, so it is viewed by you.

I have always liked this reason, and it is why I wear the ring so it faces me.

As to changing the direction of the emblem for a past master, that seems odd, as there is a perfectly good past master's emblem, which most past masters wear.