Design began in August 1966 and construction of the prototype started six months later, Brokaw was concerned primarily with overall design and construction, Jones with stress analysis and structural design. Powered by a 285 hp Continental TSIO-520-B turbocharged flat-six engine, the aircraft first flew on November 18, 1972, and during the Summer of 1973 work was carried out to clean up the airframe to take better advantage of the design potential. This included the provision of wheel-well doors, and reduction of the drag of the engine cooling system, achieved by the use of baffles, ducts and direct ram-air cooling.
Major redesign and modification were undertaken in 1976, and the prototype resumed flying in 1977 as the Bullet. Subsequent refinements included changes to the wing span and section. The Bullet exceeded 1,000 flying hours in early 1985 and had been flown in all weather conditions, including light ice. Further modifications were undertaken, including the installation of a 380 hp Avco Lycoming TIO-541-E1C4 flat-six engine and changes to the engine cowling, cockpit arrangement and canopy. During the 1990s Brokaw re-engined the Bullet with a 475 shp Garrett AiResearch TPE 331-25AA turboprop.
Brokaw formed Brokaw Aviation Inc. to market plans of the Bullet and a construction manual to amateur constructors. Although full kits were not available, it was intended also to supply certain components such as the canopy, cowling and, possibly, bulkheads and ribs, to simplify the task of the homebuilder. Reportedly hundreds set of plans were sold and more than 20 Bullets would have been under construction, including two with tail-wheel landing gears.
Brokaw passed away early in this decade and the Bullet was donated to the Florida Air Museum at Sun 'n Fun, Lakeland, Florida in 2008. The following data relate to the Avco Lycoming TIO-541-E1C4 powered aircraft:
Span: 24 ft 4.75 in (7.44 m)
Length: 20 ft 6 in (6.25 m)
Height: 8 ft 10 in (2.69 m)
Wing area: 94.59 sq.ft (8.79 sq.m)
Weight empty: 2,033 lb (922 kg)
Loaded weight: 3,142 lb (1,425 kg)
Max speed: 349 mph (562 kmh) at 24,000 ft (7,315 m)
Cruise speed: 294 mph (473 kmh) at 24,000 ft (7,315 m)
Climb: 2,500 ft (762 m)/min
Service ceiling: 28,000 ft (8,535 m)
Range: 1,842 mls (2,964 km)."