My understanding (which is based off some previous experiences, not any legal studies) is that certain items are considered paraphernalia based on the use. For instance, a "water pipe" is paraphernalia based on what residue or substance is in the bowl area. Rolling papers are considered the same based on the substance found in conjunction with it. I use to roll my own cigarettes and had to explain it to the police when I got pulled over, but they never found anything else with it wasn't a concern.
So I wouldn't think it would be considered paraphernalia unless you had some substance/residue in the bullet that was illegal.