Can we ever have $H_0: \theta\neq \theta_0$ (bilateral hypothesis)? Are there any theorems that show some sort of most powerful test for this case?
And what about $H_0: \theta<\theta_0$?
Can we ever have $H_0: \theta\neq \theta_0$ (bilateral hypothesis)? Are there any theorems that show some sort of most powerful test for this case?
And what about $H_0: \theta<\theta_0$?
Yep, possible. Your "backwards" null hypothesis is the one-sample version of a test for equivalence. Take a look at the hypothesis $H_0: \: \theta_1 \neq \theta_2$ and how it is often handled with the two one-sided t test (TOST). Pay close attention to how p-values and type I errors are calculated.