Update: Bolt speed is definitely more accurate. Nice job!
Still getting random "dissipation". I will try to fraps it so you can see how it is viewed from my screen. Looks like the bolt is trying to hit the front of the mob/pc rather than any angle (back,side, etc).
here is a video i made of the delay. You can kind of see a light source behind the bolt. Not sure what that is!
http://www.youtube.com/watch?v=luxOdPZ1h4w