It basically worked as a cheat-code, which made the game lose it's thrill completely :( But, still, thanks, 'cause you probably saved me personally at least two hours of grappling with game's RNG.
My initial strat was to obtain the froggy helm, collect all the items, which buff the dodge chance, then max out the dodge chance through level ups, and all of that, in turn (in theory) would've given the character an ability to dodge the bullet with 105% chance.