I'm not sure how Paint Shop Pro could actually derive the italic version
from the others. I would expect differences in a pixel-by-pixel compare.
Are you sure it wasn't just faking it?
It probably was "faking it", but it looks perfect to me. It actually doesn't say "italic", it says "oblique", but it seems similar enough. It doesn't seem like Flash has this capability at all.
Not built in. You could probably manipulate a bitmap to do it. I'll bet it
shifts rows of pixels.