Cut bacon strips in half widthwise. In a large skillet, cook bacon over medium heat until partially cooked but not crisp. Remove to paper towels to drain.
Wrap a bacon piece around each scallop; secure with toothpicks. Place on a greased baking sheet. Drizzle with oil; sprinkle with salt and pepper. Broil 6 in. from the heat for 4-5 minutes on each side or until scallops are firm and opaque.
In a small bowl, combine the mayonnaise, chili sauce and juice. Remove toothpicks from scallops. Top each with a slice of water chestnut; drizzle with mayonnaise mixture. Sprinkle with chow mein noodles. Yield: 18 appetizers.