I can't comment on making bacon but sausage is another matter. Making sausage is not that difficult and you control the results. Assuming the pork bellies are lean enough, sausage making would be what I would do. Recipes are in the file section and information abounds on the Internet.
Dr. Mark (STL)
Ph.D. (honorary) Bovine $hitology
A thin line separates paranoia from an acute understanding of reality.