I've never heard anyone pronounce the word for the sandwich meat like the city. If I ever heard anyone asking for, or speaking of, a bo-lone-ya sandwich, I would have to think he/she was disgustingly twee, or was just discovering it.

Apropos of this, I am reminded of the following joke by, I think, Rodney Dangerfield:

What do you get if you cross a crocodile with an abalone? A crockabalone.

This is on a par with, What do you get if you cross a bumblebee with a doorbell? A humdinger.