Sometimes the dramatic effects a director is looking for don't bear too much scrutiny. And anyway, the images of meanace that the bullet outline creates is not only aimed at the character of Eve, it is actually aimed at us the viewer. On Eve it is there to make her scared enough to answer the fist line of dialogue in the film without hesitation. "Where is he?"On us it is there as yet another of the slightly Surreal images Leone so often enjoyed using to disorient his audience, and I for one so often enjoy watching.
I'll take your word for it (on closer to 80) this is not a film I watch all that much, but the impression I got was what I said, its a strange sad melancholic film on a subject that I'm not as into as Leone's Westerns.