You can run either. There are a few things I see thrown around frequently and they have their merits, but there's also a very limited range in which I think either way is "better"
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Insert down has the advantage of gravity helping with chip evacuation. When the chips are coming off the material even if they curl towards the bar, they can't get wrapped over it.
Insert down programs run clockwise spindle rotation (M3).
Insert up means the cutting pressure is put into the bed of the lathe instead of "lifting" the turret. Essentially pretend you are grabbing the stick tool and pulling from the insert side. Insert up you are pulling into the casting, while insert down you are trying to pull the saddle off the casting. bear in mind that saddle weighs probably 1000 pounds or more, and either direction you are going the turret has to resist the rotation before anything else, so in my opinion until you are overcoming turret rotation forces I don't know how much difference it makes.
We run insert down almost exclusively for chip evacuation. I have a few older machines that due to tooling restraints or process restraints we are running insert up. If I were taking big cuts consistently I would run insert up though.