Hi,
I have caught fish on bacon before. I think the key is that when you buy bait from the shops it is frozen and has probably not really been looked after and frozen and unfrozen several times. Would you eat this?
By putting on lamb strips you are using fresh, quality bait and this will always beat frozen stuff. If you can get fresh prawns, squid, mullet (or other fish flesh) you will find it will make a huge difference if your fishing results.
Hope this helps
Peter