Yes, both executables in this case are shell scripts, so you're most likely right. (*)
The original scenario seems different though, as the following conditions are met there:
-- there is an init script with the context syslogd_initrc_exec_t, which calls a
-- symlink under /opt/<product>/sbin which has the context of bin_t, and is a reference for the
-- binary executable /opt/<product>/libexec/<executable> which has a context of syslogd_exec_t.
Normally this setup works just fine, but one of our customers encountered a situation where the daemon is stuck as initrc_t.
We have tried verifying every little detail, but we failed to spot any differences between their environment, where the problem persists, and ours, where everything works fine.
(*) I think, I will write a short C program in order to find out whether this was in deed the main reason why my demo script failed to transition to syslogd_t.