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So under no circumstamces would the slip light come on if the clutch only was slipping? I just bought my second 350z, this one is supercharged and the slip light comes on sometimes just when the powerband kicks in. I don't feel the tires slipping, i'm going about 60 mph at the time.
Easy way to tell if the clutch is slipping or the tires are spinning (besides the fact that the SLIP light won't illuminate if the clutch is slipipng), look at the speedometer. In both cases, the tach will go up, but the speedo will increase only if the tires are spinning, not if the clutch is slipping.