A 45 degree exit through the wall makes less bendiness in the pipe, but it introduces the problem of making a seriously rainproof wall penetration. It is basically the same problem as a roof penetration, and you still have to run the chimney up to 2 or 3 feet above the peak of your roof, not just above the eave where it comes out. If you are not confident about working on the roof yourself, ask some carpenters about putting in a roof jack near the peak - that will only need the minimum of chimney above the roofline. If you plan to own this house as long as it exists, you can safely run a bare stovepipe up to the roofline inside, but if you ever
sell the house, a future owner might tear out the weird contraption and put in an ordinary woodstove, connect that to your bare stovepipe, and burn the house down. That would be if a prospective buyer's home inspection even allowed it to be bought with an uninsulated chimney.
You can perfectly well build a heat riser of two sheetmetal ducts/stovepipes with insulation between them, as long as the insulation can stand the 2000 degree temperatures and be self-supporting. The inner metal form will burn out, but that will be okay as long as you use the right insulation materials. A mix of perlite with just enough clay to hold it together is a common method. You can also get insulating castable refractory cement, but that is expensive (maybe $50 for a 30-50 pound bag).
If you have a two story chimney mostly inside, you should have great draft. The length of horizontal duct run depends on the size of your system and how many elbows you have. An 8" system is often right for a whole house, and that can typically support 50' of run, minus 5' for each 90 degree elbow. A 6" system is good for a small well-insulated house, or a couple of rooms, and can support 30-40' minus 5' per elbow. The elbow that turns up to the chimney does not count against this.
The whole combustion core -burn tunnel and heat riser - needs to be well insulated.