I'm pretty sure with just a slip-on you do not have to install the PCIII.
However to get the most out of it and to assure correct A/F ratio you would need this.
A slip-on isn't really going to add more than 2 or 3 hp most likely so even with the PCIII you won't get much if any more but if put on a dyno...with the PCIII you can adjust the ratio if it isn't exactly where you want it.
If you're trying to save money then I think you would be fine without it.
If you were adding a full system and even the upgraded air filter then I'd say the PC3 was a must.
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