I realized that the first calc had Ocelot moving his entire arm length. However this is not the case. He instead moves his forearm up 45 degrees. I will be redoing the calculation based on this fact, in addition to scaling the lightning speed to the bullet speed and not the other way around. This is because the lightning clearly displays speeds only a bit higher than that of the bullet's and is shown as very slow (and even stopping mid-air) during the same fight.
Alright so on to the scaling.
Revolver Ocelot Height - 182 cm or 307 px
Revolver Ocelot Forearm Length - 58.14 px
58.14/307 = 0.189x
0.189*182 = 34.398 cm
Circumference = (2)(pi)(r) = (2)(pi)(34.398) = 216.129 cm
216.129/8 = 27.016 cm
Now for the timeframe. Most of the values from this are coming from the original calc, as I don't find much wrong with those values. Just the actual speed gained.
Bullet Speed - 253 m/s
Distance Bullet Travels Per Frame - 0.0012605821 m
0.0012605821 m/253 m/s = 4.98 microseconds/frame
Lightning Distance Per Frame - 0.0347237039 m
0.0347237039 m/4.98 microseconds = 6972.63 m/s
Lightning Distance To Ocelot - 1.4367 m
1.4367 m/6973 m/s = 206.03 microseconds
27.016 cm/206.03 microseconds = 1311.265 m/s
EDIT: In accordance with the comments I rewatched the video. Ocelot moves left to right 4 times, the first time being the least amount of movement. The remaining three seem to be, at most, 45 degree movements. So since the first would logically be half that we can add all 4 "swaying" movements and the original 45 degree "draw" movement together to get our total distance.
22.5+45+45+45+45 = 202.5 degrees
Circumference - 216.129 cm
202.5/360 = 0.5625x
0.5625*216.129 = 121.57 cm
121.57 cm/206.03 microseconds = 5900.597 m/s
Ocelot Speed - Mach 17.34, Hypersonic+
Volgin Lightning Speed - Mach 20.49, Hypersonic+
Ocelot Reaction Speed - 206 microseconds, Hypersonic+