In a large pot of boiling, salted water, cook the spaghetti according to package directions. Drain, reserving 1/2 cup pasta cooking water, and transfer to a large bowl.
Meanwhile, in a large skillet, cook the bacon over medium-high heat until crisp, 8 to 10 minutes; drain on paper towels. When cool enough to handle, crumble into large pieces.
While the pasta and bacon are cooking, using a food processor, puree 1/2 cup parsley, 1/2 cup basil, the olive oil, lemon juice and 2 tablespoons chives; season with salt and pepper.
Add the herb oil, parmesan and reserved 1/2 cup pasta cooking water to the pasta and toss. Chop the remaining 1/2 cup parsley and 1/4 cup basil and add to the pasta along with the crumbled bacon and remaining 2 tablespoons chives. Season with salt and pepper and toss.