Just remember, the bullet doesn't go up--the barrel is pointing up.
If the barrel was perfectly level, than at sea level, the bullet would drop at 32.2 ft/s^2. At 80% gravity, it would drop at 25.8 ft/s^2.
I think, if my match is at all correct, at a height of 5 feet, a bullet fired (or anything dropped) exactly parallel to the ground would take (minus friction in air) about 0.56 seconds at sea level on Earth and about 0.62 seconds on the EE planet.
Some one want to do the ballistic calculations.