So I got my desired effect by splitting it up into two events based on the button status.
It's ugly and needs tuning but it works. However, my one last issue is that when you quickly shoot two of these bullets on screen at once, the holding affects both of their gravitys. I want the end projectile arc to be permanent for that projectile once you let go of the firing button. I tried experimenting with on button released but it yielded the same results.