Check the direction of rotation as you flush your toilet first!!!!
If it rotates clockwise you must mount the circuit bord right side up, if counter-clockwise upside down. This has to do with the Corioliss force, and you don't want your electrons spinning in the wrong direction....

I'm just yanking your chain...
Your friend is correct, though I must confess I've never done a scientific comparison. Stressing a diode is going to blow it up prior to it getting hot enough to melt solder, if thats any consolation. While heat by convection goes upwards (actually its the heated air that going upwards), but heat by conduction doesn't care; it simply goes from hot towards cold, all things being equal.
My 55 has its ps board mounted upside down, and I've not noticed any problems other than a tendancy for the upstairs toilet to flush strangely...