stove pipe clearance question

Hey guys,
so with the way I am running my stove pipe, I have 10 inches from an elbow to the exposed floor joists above it (the stove is in an unfinished basement with a through-wall chimney).
Since I am using single wall durablack, I need to have at least 18 inches from the stove pipe to any combustibles. Obviously I don't have that much clearance to my floor joist.
What I need to know is if I hang a 24 gauge sheet of aluminum 12x24 from the floor joist above the stove pipe (and ensure there is at least a 1" air gap from sheet metal to joist), will that work to get me my clearance?

Thanks guys, I appreciate the help
-Steve

That should work well. You could also as an alternative put the heat shield on the pipe.