I know this has been a while but for some reason $bp->current_component was coming back empty . I saw some people asking around and if you change if ( $bp->current_component != BP_LOGIN_SLUG)
for
if ($bp->unfiltered_uri[0] != BP_LOGIN_SLUG)
in Brajesh Singh it should work. just remember to place bp-custom.php in the right folder and to create the login.php file inside of registration (within your active theme)