John Page put the original instrument together. The first models were made in Asia and shipped un-assembeld to the US. However Fender did not think the work was up to par and produced the original 1981 guitars in the US putting to use left over parts from other guitars.
That is the neck pickup was angled on the treble side and the bridge pickup was parallel to the bridge. The switch was a three position Stratocaster Switchcraft version. The two potentiometer knobs for volume and tone were black Stratocaster knobs.
cream. Pickguards were either white or black. The Bullet Standard had an anodized steel pickguard with the distal lip behind the bridge raised at a 90% angle to anchor the strings.
The Bullet Deluxe had a plastic pickguard and the strings went through the body. The bridge assembly was a barrel type and was adjusted by a screw for intonation and an allen wrench for height. The headstock decal had a 5 point star with a number 1 in the center.
I've seen them with rosewood and maple necks.
Although they are student instrument, in my opinion they are still great players and bargains. Particularly the 1981's which have Tele neck and Kluson tuners.
Jr. Brown had his original Guit-Steel made from Fender Bullet parts.