Bake Selected to Active questions

So I’m exploring the idea of using the Bake Selected to Active to help make low-poly versions of more complex meshes.

Two questions,

  1. Is there a way I can render an alpha channel so anything empty is transparent? Right now, when I bake Full Render, it makes the empty parts black.

  2. Right now, it seems to project based on the normal of the face? Is there something similar I can use but where I could base the projection on the position of a camera, for example?