On the next folio page (54) where there are two other instances of the word “Bacon” one of them occurs in the phrase “On Bacon On’ (half way down the second column) and two of the meanings of ‘Bacon’ in this phrase are “a fat one” or a “porker”. This suggests that the earlier line of hanging a “fat pair” correlates with the idea of a “Hanged-hog”. See line 89 and then the definition for ‘bacon’ in the right column here, towards the bottom of the page.
So Gadshill can be seen saying that he and fat [porker or hog] Falstaff will be “well hanged” and this in association with the word “Bacon” and the name of “S. Nicholas” on page 53. The associations between Bacon’s apophthegm and the scenes on the two page 53s are strong.
The phrase of “S. Nicholas Clarks [Clerks]” fits well with the standard interpretation with the scene action. This interpretation is that “Saint Nicholas was a patron saint of clerks or scholars; and hence, as Nicholas, or old Nick, was a cant name for the devil (perhaps because of the clerkes learning or maybe because they helped to collect taxes?), the robbers were equivocally called Saint Nicholas’ clerks.” Though this makes sense for the play, it doesn’t exclude the additional fit with the word Bacon in its connection to Bacon’s Apothegm. So it could be another “Stalking-horse”.
There’s other research by Baconians tying the number 53 to Bacon and to Freemasonry but I’ve decided to leave it out since it takes us unnecessarily away from the main cipher authorship evidence.