A "Really Good Bike" for current trials use might be the 160 pound "GasGas 280":
https://ultimatemotorcycling.com/2022/07/13/2023-gasgas-txt-trial-lineup-first-look-11-fast-facts-61-photos/For trail use the Honda CRF300L at 300 pounds might be considered a "Really Good Bike", or for over $$$ double the money $$$ the 350cc Husqvarnas & KTMs will drop another 60 pounds (240!) & add HP.
But if you are out & about and need to explore a dry Forest Service road by yourself on your Bullet, it'll do it well enough at plonking speeds. That ginormous flywheel, long stroke and passenger pegs can be used to advantage to a remarkable degree. But when riding with others, unless everyone has a Bullet, that'll make the advances in hardware over the last 60 years really stand out. 100 pounds (or way more) less weight, proper off road suspension and geometry, very wide range gearing, all of that really shows the age of the Bullet. When it was all there was in 1935, it was the best there was.
If everyone rides the same machine, results largely depend on rider skill. When the hardware is mixed purpose, generally the best suited hardware for the task at hand will become obvious. On any kind of performance-related venue, only the best suited hardware will be found first at the finish line. The rider skill level obviously makes a huge difference, but there is a limit to how much hardware deficit a given rider can overcome.
The Bullet reminds me of the Hodaka Ace 100B, a great general purpose platform that was successfully adapted into many venues. Eventually the sports grew, became more specialized, and the specialized equipment forced out the generalized equipment. The Bullet and Ace 100B are still fun to ride, but there is better equipment out there for specific applications. But both of these dinosaurs will still bring a smile to your face.