OK, I've got two questions with this and really can't find it addressed anywhere.   

A walkout basement, my foundation walls are 8' on the north side, stepping down to 4' on the east and west walls and about 8" (just a stemwall) on the south.

On the higher parts of the wall, I'm not particularly concerned, but where the concrete wall is only 4' high in part of the space, or even only a few inches off the ground once I get the slab poured, how does that work for my termite shield?
Flashing is sharp.  I really don't want someone to risk scraping up against the stuff!


Also, what do you do in the parts where it "steps down?"  That is, it's a run of about 10' at 8' high, then steps down to 6' high, then steps down again to about 4' high. 
What do I do with those vertical drops?

Run the shield around it all. I've taken a metal brake and first hem the edge, fold it over on itself tight for ~1/2" then brake a ~30 degree downward bend. basicall all the shield is doing in theory is making the buggers build a mud tunnel out where you will see it. The shield doesn't stop them. In practice there are almost always hidden pathways they can use around the shield. If they are a problem there count on poisoning or baiting them. Borating the wood is another low tox method of preventative maintenance.