This actually sounds like a really promising theory. The Shepard's goal might be to stir Bigby into a frenzy and cause him to be alienated fro… morem the community and at odds with some of the more powerful figures of Fabletown (Bluebeard, Ichabod Crane, etc). Then, just when Bigby thinks he's apprehended the killer, the "murders" will be revealed to be faked and Bigby will be discredited, causing everyone to turn against him. Ultimately, he'll frame Bigby for something and try to get him thrown into the Witching Well, discredited and alone just like he was.
EDIT: Also, maybe the more you scare the people around you throughout the episodes, the less people will vouch for you in the end.
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Man, that's a good theory!