yep, I flipped mine around on my 48 c.c. with no problem (it's an angle plug head and i needed the clearance for the spark plug). I had not ridden it very much before i flipped it around (maybe 60 miles) and i just used the same head gasket that was on it. No sealer needed, and i did this over a year ago. But if your engine has a lot of miles on it, i would just get a new headgasket if i were you. AND someone else may know more about using any kind of sealer on the head gasket, but I personally didn't use any on mine.
I just tightened the head nuts snug...but what's snug to me may not be snug to someone else. I didn't use a torque wrench, i just guessed on the tightness.
I know that some will argue this because you should use a torque wrench on something such as a cylinder head. But, I have been rebuilding engines for many years, and after awhile you just come to know when something is tight enough or not. But, on the china 2 strokes, you do risk stripping the nuts or breaking a stud, so you have to be careful.
If this were a car engine or a motorcycle engine, I definitly would have used a torque wrench because guessing on something more substantial than a china 2 stroke would be disasterous.
I have not had any problems with it since i flipped the head around, and the head gasket doesn't leak at all.