I'm in my fourth year of college. I can relate. Bacon is NOT unpaleo, it's like the mascot food. It is the central gloating point of our diet.
But, to answer your question: yes. While you aren't eating optimal meats, you're still eating real, whole foods and no grains, refined sugars, or flours. In the end, though, it's essentially energy intake versus energy output. I am seeing awesome progress from LeanGains, and most of my meat is from WalMart.
P.S. I wouldn't touch bologna with latex gloves on.