Well, yeah, it could be. He IS referring to himself as "Shady" throughout the song. The entire song is fiction. Actually, I don't even know what to define it as since it's him just yelling about sick pigs and small pokes.
And I suppose Seduction is Slim Shady too? Even though he announces himself as Fire Marshall...
Arguable...but I'd say When I'm Gone is more of a dream or vision. He's not making anything up, he's not making up the fact that he has a daughter and wife that constantly nag and bitch at him for being the most famous rapper alive and never being able to spend time with them. That's real. But, instead of being a boring fuck, Eminem decided to make the song seem like it was some epiphany he was having, that he finally realized after six years of having a professional career that his daughter and nagging, bitch wife actually MEAN something to him.
I'm trying to make a point that just because he makes shit up on a song doesn't mean he's acting out as Slim Shady.
The beginning of verse three seems like it's made up - and it is - but that's more of a nightmare Eminem is having. He didn't create his daughter standing there with a coin begging him to get off the stage; the stress from the constant family issues did.
When I said "making stuff up" I should have been more specific. Just because Eminem says "the sky is red" doesn't mean it's Slim Shady talking, you're 100% correct.
I'll just use EmBase's definition of Slim Shady as an escapist metaphor. He uses Slim Shady to create stories so he doesn't have to talk about his shitty life.
To use another example: would that make "Space Bound" Slim Shady, then?
Now, depending on your perspective of the song Lose Yourself, the first verse could either be A)Eminem rapping about B-Rabbit or B)Eminem rapping about himself.
I was being sarcastic, there ._.
My point is that just because Em diverts from his usual personal shit doesn't mean that he's going into a "Slim Shady" type persona. When he goes onto a tangent and JUST raps about murder and various, realistic forms of serial killing, I like to think that's about as "Shady" as Smack That Eminem.