Necessary to upgrade to PHP 5.6?

I have a half dozen sites built with easy engine, all running PHP 5.5.

Good idea to upgrade to 5.6 or just leave them at 5.5?

Make sure your plugins/themes work with PHP 5.6, if all are ok then you good to go.

And is it possible to downgrade afterwards if something isn’t compatible?

Yes it is possible, but I don’t know if you later choose to upgrade your easyengine script.

Test it first in your test server.

Upgrade to PHP 5.6:

sudo add-apt-repository ppa:ondrej/php5-5.6
sudo apt-get update
sudo apt-get upgrade

Downgrade to PHP 5.5:

sudo apt-get remove php5-common php5-mysqlnd php5-xmlrpc php5-curl php5-gd php5-cli php5-fpm php-pear php5-dev php5-imap php5-mcrypt
sudo add-apt-repository --remove ppa:ondrej/php5-5.6
sudo apt-get update
sudo ee stack install --php