In the world of combat sports, they would be separated by one weight class - 155lbs and 170lbs. It is fair if they both accept the bout, whether you like it or not. Palacio is nearly 6' tall and was known to be longer when he dropped to 157lbs from 165lbs. It would be easier to assume that he would fill out his frame - which he has, than it would be for him to get himself a beer gut - which he hasn't done. Bo hasn't grown since his Soph season in college. He just quit cutting weight. They're two animals from different sides of the sword. Were this match to happen at... say 190lbs? I bet they both weigh in within a couple pounds of 190lbs.
As far as your weight now VS a college wrestler at that weight? I wrestled 134lbs nearly 30 years ago. My weight class now would be 141lbs, which would be the new 134lbs after the +7lbs. It would take me about an hour to get to 141lbs. Sounds like a 'you' thing...
I jest, brothaman. I don't think it's a fair wrestling match because of the caliber of their wrestling. Add in that Bo has the larger frame and has been wrestling a higher weight class while being active in combat sports and I think it's a bloodbath. I do love that Palacio is willing to follow through, unless it's with Askren - which he might be willing to do now.