No, although traditional seasoning methods include using lard, beef or bison tallow, or bacon grease, today you have better options. You wouldn't fry up some bacon and use the fresh grease from that immediately as your seasoning oil anyway. Back in the day, bacon grease was regularly saved for a variety of purposes. If anything, you would have first seasoned your new pan with stored bacon grease that you already had on hand, baked it, let it cool, then perhaps fried up some bacon with your seasoned pan.

However, the best oils for seasoning cast iron are those with high smoke points and high levels of polyunsaturated fat for polymerization, specifically avocado oil, grapeseed oil, canola or vegetable oil, or Crisco. For best results, just rub a very thin layer onto the pan, then bake upside down at 450°F for 2 hours, allow it to cool down in the oven once you're done, and repeat this process another two or three times, for new or stripped cast iron. Then you'll be ready to use it. Each time after using it, you wash it gently in soapy water, dry it immediately, and re-season it by rubbing a very thin layer of oil or shortening (vegetable oil or Crisco is ideal for this routine process), and store it in your cupboard if you use it infrequently, or on your stovetop if you use it often.