The UPC requires standpipes to be between 18" and 30" long above the p trap. Usually this is no higher than 42" above the floor. Since the drain is already 24" off the floor then 54" would be preferred but another 8" is not bad. The WM pump just works harder.
There should be no fumes. The P trap protects the washingmachine standpipe like the bathtub, lavatory and sink faucets. You should also have a vertical vent pipe that the p trap ties into.