The big missing thing in your description (fat, salt, smoke) is umami. You can see this in bacon-flavored products. For example, bacon salt (click on a "nutritional info" link) contains monosodium glutamate.
So if you want to make something bacon-flavored, short of using bacon (and possibly draining away a lot of fat), you're generally going to be looking for source of umami; see "What foods are high in umami?" or "What is a good vegetarian source of umami flavour?".
Also, bacon is definitely not acidic, and perhaps slightly sweet. This means, for example, tomatoes are probably not a good way to get the umami, and that whatever you do, you might try adding a tiny touch of sugar to bring out the flavor a little more. Things like shitake mushrooms and nori seem like better flavor matches. (If you've had furikake this shouldn't be too surprising.)
If a recipe calls for you to drain the fat, drain the fat. If you are trying to lose weight, drain the fat. If you don't want an unattractive glossy skim on top, or for it to cool and harden, drain the fat.
Having too much fat in your pan will possibly interfere with the frying technique you are using, which will change the end product. That said, it sounds like you are just frying bacon. In this case, it is totally a matter of personal preference; some people like very greasy bacon, some want to pretend there was no fat ever and drain obsessively and dry on paper towels twice.
From my experience cooking bacon, long and slow, I prefer to have a moderate amount in the pan. Some bacon will render fat more quickly and in higher volume than others. This is problematic when you are trying to ensure a crisp product at the end as the bacon can end up partially deep fried. If you find the fat interfering with the actual frying, drain it.
I also drain the bacon to ensure there aren't pools of bacon, howeverI don't prefer to dry it; normally I do a haystack on paper towels. I have made chili where the primary fat was bacon fat from a few pounds of bacon; in this case you still want to drain it, into the pot you will be making the chili in. This helps ensure that you are rendering as much fat as possible and that the bacon can be used later.
As for getting rid of the fat, don't pour it down the drain. If you're going to store it, strain it, keep it air tight, and put it in the fridge. If you're going to use it for the next thing you are making, strain it (or don't) and put it aside, but don't let it interfere with the focus, the frying of the bacon.
Best Answer
It believe is more a question of temperature than technique. Low and slow typically renders more fat. When I want a maximum amount of fat rendered out I place thinly sliced bacon in a pan and cover with cold water. I then place over medium-high until the water has evaporated and then some depending on how crispy I want the bacon to be.