This is a good question. Foot-pounds is generally a measure of rotational torque - so could we say the bullet has so much rotational torque?
For a known bullet in flight, we have velocity, mass, frontal area, angle of frontal area - we should be able to calculate impact pressure in psi, and momentum. I think with all of this we should be able to calculate total kinetic energy.
The trick is to take these values and translate them into lethality - many folks have tried it over the years - but each formula is imperfect. Over time I've fallen into using the Optimum Game Weight-Big Game method solely because it was easy to use and seemed reasonable - but again I use it only as a rough approximation.
Jay