Looking "way up" is no different from looking "way out." (Not to be confused with looking far out, man!--I made a funny.)
I don't think you can tilt the perspective planes (but I haven't played around much with the AI implemenation yet), but you could do that after the fact.
Yup, this is just a simple 1-point perspective. I see where you'd be thrown off though.
Yeah, I was thinking after a while that it was 1-point. But I'm having trouble aligning the grid to match the lines of the photo.
This is technically a 3P perspective; you mentioned the viewer is looking way up - such a scene is called worm's eye view.
I tried setting up a grid over the image. The point where the two red lines meet is the third Vanishing Point. The two other VPs are to be located by extending the two yellow and the two green lines till they intersect in the direction shown by the two arrows. However this will be at an infinite distance and this way the view can be thought of as 1P perspective as Jet & Michael have opined. Remember that camera lenses can create skewed and distorted perspective. Illustrator's grid cannot match that. Moreover Illustrator's grid is also limited by the application's canvas size i.e., the entire grid has to fit in the canvas. When drawing on a sheet of paper you can actually visualize one or more VP out of your drawing sheet.
Anyway the closest approximation to this kind of perspective can be achieved in Illustrator by placing the image on the top of the canvas such that the 3rd VP lies almost on the top edge of the canvas. The eye-level in case of worm's eye view is zero. So the horizon line coincides with the ground line and both lie virtually on the bottom edge of the canvas. The left & right grid will then let you to draw the walls of the building as above.