3500 ft/sec = 3500000000ft/uS = 106680000000mm/uS
So a 1 inch long bullet, 25.4mm would be in the frame for some impossibly small number of uS.
24.5/(106680000000/uS) = .000000000229uS, something small like that. I'm not sure any logic family will respond to that.
A '328 needs a signal to be valid for something 2 clock cycles for it to be captured, 0.13uS
Better option might be shooting thru 2 pieces of foil, let the bullet press the foil together as it passes thru to make a signal that will last longer.