Well there nothing much that can alter the course of bullet, but even so you don’t need to simulate those physics on each frame when the bullet files (which is usally invisible fo human eye), you could just simulate the more realistic result (delay between gun and target hit, wind effect?, gun shake).
As for fun, it sounds like interesting idea and I think best way here is to try to prototype it first and see if it’s “fun”. Also if you want to play with this, it would be good if you study real world gun physics, anything then typical in gams straight instant damage