I would highly suggest that you run straight up through the roof. They do make flashing specifically for flashing chimneys against corrugated metal roofing. Do a google search on "corrugated roofing flashing for chimney pipe" and there are some good forum threads with ideas. An alternative is to run inside as far up as possible (maintain proper clearance) and then elbow out to the outside, and use a T with cleanout on the bottom to go up above the roof. These methods will minimize the amount of expensive smoke pipe you need. Others will chime in here I'm sure.
Make sure you get the chimney top into clean air, meaning that you are at least 2' higher than anything within a 10' radius. Don't mess around with CO, do the chimney right.
Joe