Your script may be accurate, but it is not precise :)
Let me explain: in case of aaa_elflibs (which is a hacked collection of a bunch of libs that exist in other packages) your script mentions it needs it needs cyrus-sasl, when it's not true for a minimal install.
Also (we are talking minimal install here) dbus does not need any X11 component.
I managed to get a working slackware minimal system (just enough to have network + slackpkg working).
With slackpkg you could then expand the minimal install as needed (this was my goal).
This minimal install was for slackware 13.1 and you an check the package list in this LQ forum thread: