These two models had a single cutaway body style similar to that of the Fender Telecaster but much closer in size to the Mustang and Duo-Sonic that the Bullet One replaced with a 21 fret rosewood neck and Telecaster-style headstock and Kluson Deluxe tuners.
Headstocks retained the version one (Telecaster) profile. Five models were marketed—the Bullet One Standard, Bullet One Deluxe (S-2), S-3, H-1, and H-2—in addition to the two new bass models (a regular scale "B-34" and short scale "B-30").
The standard Bullet One had the previous style metal pickguard-bridge combination with two single coils and three-way switch.
The Deluxe (S-2) had a plastic pickguard and separate hardtail bridge with the same pickup configuration.
The new S-3 had a separate plastic guard, traditional hardtail bridge, and three single coils with a five-way switch.
The H-1 sported the metal pickguard-bridge combination with one humbucker. The H-2 had a plastic guard, traditional hardtail bridge, and two humbuckers each with their own coil tapping button.