Multiprocessing & the init command-line option

I was following Bill Clementson's instructions for setting up SLIME on 
Windows, and ran into an issue with multiprocessing. Basically, I had 
saved a console image using these params:

        (save-image "lispworks-4450-console" :console t :environment nil 
:restart-function 'mp:initialize-multiprocessing)

(I also tried things like "-multiprocessing t".)

SLIME was running that image with an -init param pointing to .slime.lisp, 
which essentially contained this line:

        (swank::create-swank-server 4005)

That line was setting up a server in a new process--and LispWorks was 
giving an error saying that a process was being created before 
multiprocessing was initialized.

I have a work around for all of this--calling initialize-multiprocessing 
from .slime.lisp--but I am curious about what I was doing wrong. In 
particular, I'm curious to know if the init code runs before 
multiprocessing is enabled?