Lacking a PID/thermocouple setup, there are cheaper/simpler ways to verify oven temperature before sticking your bullets on bake.
Bimetal oven thermometers should be viewed with suspicion. The thermometers that still use a liquid filled tube to indicate temperature are generally much more accurate. There's one from Taylor that Amazon sells for about $10.
The other thing you can do to verify temperature requires a good probe style cooking thermometer, the kind used in restaurants use to check the temperature of a turkey, roasts, sterilizing stuff, etc. You fill a small container with an appropriate oil, give the oven time to come to temperature and stabilize, and then check the temperature of the oil. Adjust the oven in increments until it's at the desired, stabilized temperature - at the racks on which you intend to be baking bullets. This also allows you to calibrate what the oven thermometer says the oven temperature is, versus what it actually is.
For those worrying about flames from burning oil coming out of the oven, there is this:
The smoke points for common cooking oils are given below, from highest to lowest:
Peanut Oil: 450°F
Safflower Oil: 450°F
Soybean Oil: 450°F
Grapeseed Oil: 445°F
Canola Oil: 435°F
Corn Oil 410°F
Olive Oil: 410°F
Sesame Seed Oil: 410°F
Sunflower Oil: 390°F
Smoke points are well below those for flash point and autoignition. Temps can vary a bit due to amount of impurities, how processed, etc., but not much. As most Bullet Bakers are doing so around 400°F, common cooking oils like peanut oil, safflower, canola, etc will work to figure out that temperature setting for your oven.
That doesn't get you around element cycling of your oven, and if you have really big cycles, you might end up melting bullets... If you have a problematic oven with large cycles and you want to stick with trying to make it work, placing metal in the oven will help as a heat sink to minimize temperature cycles.
Will also help if you don't keep opening the door just to have a peek.
BTW, a couple of the powder manufacturers talk about the substrate temperature of the material being powder coated before starting to time the curing period. Worth keeping that in mind if you're having less than perfect results from powder coating.