Yup yup... the red in the meat only stays there if you add nitires (saltpeter) to it. That is a very controversial topic, and you can google it and make your own decisions. I don't put it in my homemade cure meats, but I happily eat it from other places. That's just me.
As for your friends with the corn-fed pigs... sorry to say, but yeah, I think that's just wrong and you would definitely get a heavy toxin load in the fat. Many problem chemicals today are lipophyllic, which means they like to attach to fat molecules and then they stay there because we always have the same number of fat cells in our bodies from birth... they just get bigger or smaller as we gain or lost weight. The only way to lose fat cells is if you have them cut out of your body (yuck). So anywho, these harmful substances build up in our bodies over time and can cause a whole host of problems - cancer, birth defects, infertility, etc. Nasty stuff. So, while it's impossible to totally avoid such things, I make a conscious effort in my life to avoid them whenever humanly possible. So, your pastured pork that is costing you an arm and a leg is very much worth it, in my mind. Plus, all the flavor in pork is in the fat and because people are afraid of animal fats these days (unnecessarily, I would argue, but that's another topic), the big farms use pigs bred to be lean. Thus, no flavor. Plus a totally unvaried diet of 100% corn for an animal that is an omnivore (like a chicken) also leads to no flavor and a cruddy life for the animals.
As for "center cut," it's not a well-defined term. That generally means that is from the portion of the belly that has the least amount of fat. In my mind, that's not so desirable... but it's your call. Generally when you buy a belly, it will be the whole belly and you will have bacon with varying amounts of fat.
As for the recipe, there is an ongoing argument about what is better: wet cure or dry cure. I have to admit, I thought I was going to like the wet cure better, but I have tried many different ways now and the dry cure is hands down my favorite.
Here is a good basic recipe from Hugh Fearnley-Whittingstall's book, "Meat."
2 lbs coarse salt (kosher or sea salt, non-iodized)
2 tsp saltpeter (potassium nitrate, optional)
a few finely chopped bay leaves
about 20 juniper berries, lightly crushed
1 cup brown sugar
3 Tbs coarsely ground black pepper
Cut your pork belly into slabs that will fit into a large non-metallic container (ceramic, glass, or plastic works fine, but NO metal). Grab some handfuls of cure an drub them all over each slab. Stack them in the container. Cover with lid or plastic wrap, and place in the fridge or cool, dry place like a root cellar. Every 24 hours, check on it and you will see some liquid has leached out. Pour that off as best you can and rub some more cure into the pieces. Do this everyday for 5 days. At the end of 5 days, you have unsmoked bacon. Rinse off the cure and smoke, if you'd like. Then store in the fridge for short-term use or the freezer for long term. It will last weeks in the fridge, maybe months, depending onthe strength and length of your cure. If you keep it in the freezer, it will be much easier to slice. A Large, sharp knife really helps if you don't have a professional deli meat slicer (like I don't).
OK, I think that's it for now... did I cover everything? I am passionate about food like most people on here are passionate about chickens (I an a newbie to chickens and still learning), so I love talking about this stuff. Bring on the questions if you have any... and good luck to you!