My two cents...I have read the same information that Matt A is referencing about not using nitrates in anything that will be exposed to high temperature.
That being said, I am sitting here looking at a bag of Morton Tenderquick Sugar Cure. This is a commercial product that contains both nitrite and nitrate. The back of the bag says this a product for "dry curing hams, bacon and small cuts" emphasis added. The label specifies 1/2 oz of cure per pound of bacon.
When I make bacon I use the commercial product according to the manufacturer's usage guidelines.