The basic argument of buoyancy is correct. Think about the basic force equation, F=ma. Initially both bullets are traveling at the same velocity. There are two kinds of basic forces acting on the bullet (to first-order): gravity and friction with the air, which I'll call "air resistance".
Gravity does not change, no matter what happens to the bullets' motions. The force on each is proportional to its mass, and if there were no air, they would follow identical paths, given that they start with identical velocities.
Air resistance is different. It has to do with the shape of the bullet and the viscosity (thickness) of the fluid (air). The bullets are identical in shape, so the backward-directed force due to air resistance is proportional only to each bullet's speed. And since they have different masses, they will decelerate differently. Initially traveling at the same velocity, they will experience the same force due to air resistance. Since F=ma, and the Forces are the same, and we know their masses are different, then their accelerations must be different. The lighter bullet will slow more quickly.
This is true for any horizontal motion. This is also true for vertical motion. The lighter bullet will not go as high. And assuming they both go high enough to fall long enough to reach terminal velocity (when the force of gravity pulling down is exactly balanced by the force of air resistance pushing up), the lighter bullet will fall more slowly.
Determining which bullet will land first requires solving the equations, including the equation for air resistance, which is something like F=kv, where v is the velocity and k is some constant factor that depends on the shape of the bullet and the properties of the air. And to be complete, you would need to include the fact that at high velocities, the air resistance is proportional to velocity-squared, not just velocity. (It might even be a higher power, something is telling me.)