First of all, I am not sure why you still have PX dimension on the slideshow width ... The slideshow width sets the slideshow AREA. Set it to 100% width, so the content will be centered horizontally. Please let's start from there ...
Do you have a link? It would help tremendously. If you have a link to some similar functionality on any other website, that would also be helpful ...
Next, I am not sure where you get the idea that there is some easy way to create "set the height of slideshow to equal the available area below the menu, including some margin, while still seeing the whole image, but on different screen sizes lets adjust the size".
I don't want scaleup, so the max size of the slideshow will the size of the image
When you use slideshow setting "original" then the image will NOT scale ... its that simple. But if you are going to use such an non-flexible setting, you are responsible to set the SIZE of the slideshow itself (width/height) to accommodate such. First of all, set the WIDTH to 100% ... just because the width of the slideshow is 100%, it doesnt affect the image sizes within the slideshow. It just will make sure images are centered horizontally, and they have 100% screen width AVAILABLE if the image stretches that wide (which it certainly will do on an iphone, which is 320px).
HOWEVER: Your above statement means you will need to create your image sizes no larger than the smallest device screen, excluding the menu, without scrolling ... if you want your condition to be fulfilled.
Example 3 : iphone 4 resolution 640*960
You are aware that 640*960 is "double density" resolution, but from a web browser its 320*480? It just uses the double density screen for higher resolution on images, and smoother fonts, but technically it 320*480 ... The same goes for ALL modern mobile devices.
You cant just put out the slideshow size to different sizes based on all your assumptions. I am not sure how you propose to set the WIDTH and HEIGHT of the slideshow canvas based on all those conditions.
The image is too big for the space available. It's not reduced, it's not centered vertically and there's no need of the scrolling bar on the right (there's nothing under the image, no footer).
In your screenshots, it looks like you are using the default 1600px image provided from the samples. Yes its way too big for that area ... I thought you said you didnt want images to scale? If you dont scale the image (original), then obviously it will be too big for smaller area.
Apologies, but your logic is really far from any productive target here. I need some link, and preferably an example of how it would work ... In your screenshots, I just see some slideshow limited by width, and therefore not centered, without image scaling (and therefore the image is cropped within the area).