In general, bacon grease (and therefore, Bacon Up) can be used/treated the same as other frying oils.
The following information from FoodNetwork.com may be helpful:
Can You Reuse Oil After Frying?
Yes! Saving and reusing frying oil is a great way to minimize waste. After allowing the oil to cool, strain it through a fine mesh sieve lined with a few layers of cheesecloth (or a coffee filter) to rid it of any leftover food particles. Depending on the type of food you fried, you may need to strain the oil multiple times.
Once clean, store the oil in an airtight container in the refrigerator. Remember that the oil will have taken on the flavor of whatever was fried in it, so it’s a good idea to label the container with the date and what it was used for. That way, you won’t accidentally fry donuts in fried chicken oil.
How Long Can You Keep Used Frying Oil?
The lifespan of leftover frying oil depends on what it’s been used for — and how many times. Breaded or floured foods, for example, introduce more particles than battered or bare foods (like French fries), meaning the oil will break down more quickly.
Since there’s no hard and fast rule, it’s better to just take a look at the oil: if the color has changed, there’s foam on the surface or it has an off-putting smell, it’s time to throw it out. Because the smoke point of the oil decreases with each use, spent oil may also begin smoking before it reaches frying temperature.
Of course, you can always do a test run: heat a little bit of oil and fry a small piece of bread. If it has a strong flavor, discard the oil using the directions above. And in general, go ahead and discard any that’s been in the fridge for more than one month.
SOURCE: What to Do With Oil After Frying – Food Network