Tofu's protein structure acts similar to eggwhite when fried, which means that only the surface is going to evaporate and thus become crisp. This is why commercial bacon bits (made with tofu) are so small. So, if you decide to go with tofu you need to be sure that your bits of tofu are exceedingly small. In terms of flavor, it's going to be hard to replicate that without lard. Your best bet is simply ignoring the meat flavor of bacon and adding in elements of its cure and smoke. E.g, a sweet element, a salty element, and chiefly a smokey element. Smoked paprika is a great option there but it burns very easily so you need to apply it after frying.

What I'd do is chop tofu into very small bits and dry them, possibly even dehydrate slightly if you have a machine for that, then if you want you can experiment wiht flour coating but because of the protein structure you should be able to fry immediately. You'll want to pick a neutral oil because otherwise you'll need animal fat to replicate the flavor. You'll want to fry at at least 350f and then immediately upon completion you'll need to dry them and salt them (very important that you do this quick), and then add spanish smoked paprika and some kind of sweet element, but that's less important.

If you want to get real crazy in replicating bacon you can try and replicate a cure by emulating it through pickling, too.