I actually think it is one of the better Italian lounges, since some of them are really dire but I agree that compared to the really good European lounges it's not going to fare very well. It was refitted just over a year ago. There are more specific details in the Europe Lounge thread in the BA Forum Dashboard.

It is upstairs above the check-in area, so you go to check-in first and sort out bags. After that, or if HBO, you go to the Marconi lounge (Marconi is someone shared between Bologna and the UK), where the lounge agent can tell you if the fast track security is open. This channel is at the back of the lounge, effectively giving you an exclusive service into airside. The airport is medium sized, and there is Schengen too, so you're probably looking to leave the lounge about 40 minutes to departure if it isn't a busy time. Saturday evening rarely would be busy, there again I can't see them keeping Fast Track security open at that time either, in which case you'll have to go downstairs to main security. BLQ is an efficient airport overall, I would say.