I tried doing this once. I did not like having bacon grease spattered all over my oven. I use my broiler a lot so bacon grease on the ceiling of the oven results in a lot of smoke every time I broil.
You might try buying higher quality bacon that doesn't have sodium phosphate or other "pump-up" fluids added. I prefer Kiolbassa brand, as it's truly a different product than most bacon you buy in the store. I believe it is a regional product though, so you may not be able to get any.