So the Genkernel Documentation wrt this sucks, but... You want to use "root" instead of "real_root" here. "real_root" works, but is just a residual since the old 2.4 kernel initrd times. In fact in code unless both root and real_root is set (in which case real_root has priority since it is the old documented value) then the Genkernel initramfs script uses the root kernel parameter just as good (unless root is set to /dev/ram0, in which case root is ignored). I have in fact being working on getting real_root/real_init and other such old cruft deprecated and removed from all documentation (Gentoo Handbook and so on) since Genkernel cannot even create initrd's anymore.
CC: genkernel FYI. Thank you for clarifying that. I have removed the real_root logic from the patch. That should make it much easier to push upstream.