Bullet time is better because it slows everything down and Michael would have the advantage and could dodge Trevor
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Trevor would still be invincible during Michael's bullet time, so it would be like shooting Godzilla with a BB gun. Plus Michael is not invulnerable during bullet time so all Trevor has to do it hit him.
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But Michael can dodge with his bullet time until Trevor runs out of rage
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Next time you play the game , start a shoot out with the cops, Michael can aim faster than the police. However he is unable to actually dodge the bullets coming at him, this is because he only perceives the situation in slow motion, he is not super fast.