OnePlus is the brand, One is the model, bacon is the codename for the OnePlus One. The OnePlus 5 is codenamed cheeseburger.
I'm using LineageOS on a OnePlus 5 and it's working great. I'm not using microg or gapps at all, but I'd imagine microg's variant of LineageOS should have pretty similar device support, so just check the devices page on the LineageOS site.