Bit-bang was a common phrase when I was in school (1972-73). It means exactly what you described - having the processor raise the line, count from 1 to 4,327, set the line to a data bit, count from 1 to 4,327, etc., etc.
Quite easy to do in a 6800 microprocessor, as I did later on.
More difficult in a G4 or P4.
