The first thing to be decided here is how to translate "bacon" to Latin.
Different Romance languages seem to take very different approaches, and I am not familiar with a clear Latin word for it.
Studying the best word choice for "bacon" would make a nice separate question.
I will translate "bacon" as lardum here, as you suggest.
It is analogous with the French lard, and is not an unreasonable choice anyway.
I read lardum more as fat than meat, though.
In English you can simply put two words together to make a "bacon machine", but in Latin you cannot.
Therefore your suggested translation does not quite make sense.
I suggest forming the adjective lardificus, "bacon-making".
I find this appropriate because it is easy enough to understand, the role of bacon is clear (the machine is not made of it), and it is a single word instead of a clumsy relative clause.
This leads to the translation machina lardifica for "bacon-making machine".