To be honest it DOES sound like a good idea and I'm sure I could think of numerous good ways to do it. The first idea that comes to mind is a thin sheet of flavorless gelatin that's been exposed to smoke and treated with the same seasonings and flavors bacon is cured with, the gelatin is exposed to this while in a liquid state where it is then spread out very thin, allowed to set, and that should leave you with a substance that has a taste similar to bacon but is also not perishable, not a meat product (thus the rising costs of pork bellies would not be an issue) could serve the purposes of being a barrier for cooking and the only "flavor" it would inject into the cooking food if it liquefies during cooking would be the bacon-like flavor of it. Though the gelatin would likely make some
impact on the texture and consistency of the food. This certainly wouldn't work for things like cookies.
Unless it's possible to make the bacon-gelatin to withstand fairly low oven temps and still remain in a gel state but not so much so as to not give up the bacon-like flavors.