Is it me, or are there no clear plastic sleeves on your bullets in the last picture? They're all going to touch and short each other out.
If you're going to shrink wrap over the bullets, then the functionality of a bullet (being able to disconnenct when you need) is lost and you might as well have soldered the wires together, then shrinkwrapped.
Also, you probably didn't need bullets for the extenders as seen in the second picture -- you could have just soldered/shrinkwrapped those too.
I'm not quite sure I get the strategy. You probably want to minimize bullet connections in favor of solder connections wherever possible. Bullets should only be where you might want to disconnect in the future.