We at Bean and Cod in Falmouth, MA have been bakin the bacon for 10 years, exactly as you have suggested. During BLT season in August, we can go through 5 lbs in a day! However, we don't dry the bacon on paper towels; after the bacon is cooked, move the strips to one end of the pan and tilt the pan so the grease moves to the opposite end. Gravity works!

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