1) Manufacturer's warranty will be voided, and I've never seen recommendation that suggests better heating or saving money from replacing 4500W with different wattage element.
2) That being said, you have 240V water heater.
4500Watts divided by 240 = 18.75 amps
5500Watts divided by 240 = 23 amps
20 amp circuit breaker with 12 gauge wire is rated for 80% of load = 16amps
30 amp circuit breaker with 10 gauge wire is rated for 80% of load = 24amps.
http://waterheatertimer.org/Figure-Volts-Amps-Watts-for-water-heater.html
3) You can use 5500Watt element if you have 30 amp breaker and 10 gauge wire.
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