YES! I started doing this after seeing many of the chefs on the Food Network saying to do this.
I put mine up on a baking rack so the air can circulate underneath as well. No need for aluminum foil. Then I easily/quickly pour the drippings from the pan straight into my bacon grease jar.
I was thinking just last night that I should take a picture of my rack of cooked bacon sitting atop my clean stovetop.
Bacon comes out perfect every time. I like 17 minutes at 400F -- crispy.
"Let food be thy medicine and medicine be thy food." -- Hippocrates