$E^\circ_{cell}$ and $K_c$ are related. Both indicate which direction of the reaction is spontaneous. Both tell you something about the position of equilibrium.
However, $E^\circ_{cell}$ is a directly measurable value. If you construct an electrochemical cell as using a zinc electrode immersed in a 1.0 M solution of say zinc chloride and a copper electrode immersed in a 1.0 M solution of copper (II) chloride with a salt bride of sodium chloride connecting the solutions, a voltmeter connected between the two electrodes will read the value of $E^\circ_{cell}$, at least initially. The voltage will change as the reaction progresses, but the initial voltageis $E^\circ_{cell}$ which is defined for standard conditions of 1.0 M concentration, 1 bar of pressure, and 25 $^\circ$C.
$$\ce{Zn|ZnCl2}(1.0 \text{ M})\parallel\ce{CuCl2}(1.0 \text{ M})|\ce{Cu} \ \ \ \ E^\circ_{cell}=1.1\text{ V}$$
The relationship between $E^\circ_{cell}$ and $K_c$ is the Nernst Equation. Note the use of both $E^\circ_{cell}$, the standard cell potential and $E_{cell}$, the observed cell potential under other conditions. The remainder of the alphabet soup is defined below.
$$E_{cell}=E^\circ_{cell}-\frac{RT}{zF}\ln{Q}$$
- $E^\circ_{cell}$ - Standard cell potential
- $E_{cell}$ - nonstandard cell potential at other conditions
- $R$ - the ideal gas constant (which appears here because it is equal to Avogadro's number times Boltzmann's constant
- $T$ - the temperature in kelvins
- $z$ - the number of moles of electrons being transferred in this redox process. If we wanted to use the number of individual electrons, then we would need to replace $R$ with $k_B$
- $F$ - Faraday's constant
- $Q$ - the reaction quotient
We need to use $Q$ in the Nernst equation, because this equation can relate the cell potential to any range of conditions, not just equilibrium.
At equilibrium $Q = K_c$ and $E_{cell} = 0 \text{ V}$ (there is no net change in the reaction composition, so there is no potential difference across the half-cells.
Thus, the Nernst Equation becomes:
$$0=E^\circ_{cell}-\frac{RT}{zF}\ln{K_c}$$
$$E^\circ_{cell} = \frac{RT}{zF}\ln{K_c}$$
To determine the values of $E^\circ_{cell}$ and $K_c$ for the reverse reaction...
For $E^\circ_{cell}$:
$$E^\circ_{cell} = -E^\circ_{rev}$$
For $K_c$
$$K_{rev} = \frac{1}{K_c}$$