Don't discourage him, Tizzy

. It's good to know how to use ALL the tricks even if you never use them.
The only reason I wouldn't do it would be that it won't look as good as in films like the Matrix and a few others that use it. It always looks so morphy and stuff. But I would learn how to do it just in case you plan on using it. I think it's pretty cool.
I wouldn't post it on this site, though. Unfortunately instead of simply enjoying the movies on this site, most of these people decide to tear "unoriginal" ideas to shreds. That bugs me a lot; but what are you gonna do, right?
You don't have to rotate the camera around the actor though. The "Bullet Time" is simply how they slowed the film down so that it was smooth and good looking. The rotating look is just a rotating trick (though in the Matrix they used 27 stillframe cameras or whatever).
Anyway, just shoot your actor jumping out of the way and then use a 3D program to animate a bullet whizzing by. And there you have it.
If you did want that rotating look, THEN you would need the morphing program. But just to have an actor dodge bullets, you don't need the swiveling camera angles that everyone thinks you do. Do what they did in Blade and 3000 Miles to Graceland - just pop in a few animated bullets and you've got "bullet time."
Sony TRV950