Bob,
The fact that it is a felt wheel is a very important bit of information. Now that we know that it is a honing wheel, you always hone away from the edge. There are a couple very good reasons for honing away from the edge -- if you were to hone towards the edge, it would round it over ever so slightly and more important is that the tool would be cutting with the wheel coming towards the edge. In that case especially with a soft felt wheel, it would not be possible to keep the edge from digging into the felt. Next, the tool would be doing cartwheels across the shop.
BTW, it is possible to reverse the rotation of your grinder motor if you feel the inclination to take it apart and dig into it. The motor will have a run and a start winding and usually the start winding can be identified by its connection to a centrifugal switch. To reverse the rotation, it is necessry to identify the two leads of the start winding and swap their connections. Probably, you will also want to be able to run it in both directions which will require a DPDT switch to have the start winding either in the normal forward rotation connection or the reverse rotation connection.
Bill