We have been doing it for as long as I can remember and that was even back when I was a child, my grandmother would do it.
I would suggest that if it is lunch meat from the actual deli that you buy a box of ziploc bags for the freezer, it does keep a little better in those.
DH loves the lunch meat from the cold section and I just freeze those as is. We even buy the ones for subs that had ALOT of meat and break it down into smaller packages, it is sometimes cheaper at the Commissary.