In CA where there are lots of monolithic slabs, you just frame it level and plumb. Takes less time than this discussion. Lasers make it easy, but last time I did it, we set a chalk line at the low corner (if you have 3" of fall, set it at 90" to account for the double top plate and so that your sheet goods fit), marked the stud spacing on the bottom plate, numbered the locations and the studs, held them in place with a level to get them plumb and rubbed them on the line. Pull them down, lay it out on the floor and frame sheet the wall. Done.
As for the bottom being close to the ground in MI, you can use Hardi and it won't be an issue.