I've tried it and it worked well for extra smokey cold smoked canadian bacon and some slices of salmon and something I call "quick ham" which is a smallish roast from the leg, cured and smoked. Never done it with slab bacon. Some things to consider:
1. Use a NEW soldering iron
2. Burn out your can as those things are lined with something
3. Try to keep the air flow to the can minimal because I've returned to find the chips burning. You will want to keep the can open until the chips actually catch and start and then close it. However, if you close it right as soon as you see smoke, the tiny corners of the one or two chips that were smoking will go out. Wait till you got a good area the size of a quarter smoldering.
4. My soldering iron got progressively worse so this technique became less and less effective. I guess my cheapie iron wasn't meant to be left on for 12 hours straight! When this became the case, I would light a small bit of lump on my gas stove and add it to the can.
Good luck and let us know how it goes!