Cook bacon in heavy large skillet over medium heat until almost crisp. Using tongs, transfer to paper towels and drain. Pour 2 tbsp drippings from the skillet into small bowl. Wipe skillet clean.
Whisk 1 egg and milk in small bowl to blend. Mix breadcrumbs and saltines in shallow dish. Dip oysters into the egg mixture, then into breadcrumb mixture, turning to coat completely. Place on plate. Heat vegetable oil in same skillet over high heat. Add oysters and sauté, about 30 seconds per side. Transfer to plate.
Whisk remaining 4 eggs in bowl to blend. Heat 1 tbsp reserved fat in medium nonstick skillet over medium heat. Place 2 bacon slices off center in skillet, laying slices parallel and about 1" inch apart. Pour
1/4 of eggs over bacon. Place 3 oysters atop bacon. Pour another 1/4 of the eggs over oysters. Cover and cook until almost set (about 2 minutes).
Using spatula, fold omelet in half. Cover and cook until omelet is set (about 2 minutes). Slide off onto plate. Repeat for second omelet.