Well, Static's powers aren't quite electricity mind you, but an electromagnetic field. Even in his teenage years he can toss around Batman's giant penny like it's a piece of cardboard. Considering Roland's bullets would have to be metal of some sort, I suppose that he'd be able to stop the bullets. Or better yet, just rip his guns away from him and start shocking.
Another thing to remember is that gang violence is more or less a fact of life where he lived. Getting caught up in a gang war is the whole reason he got his powers. It's quite reasonable to suspect that he's learned from experience the best ways to avoid gunfire.
Through all the crazy timelines, the only thing to ever kill some version of Static is a rip in the space-time continuum. He wouldn't last that long against criminals with nothing but dumb luck. While I'm not trying to claim that Roland's accuracy is useless here, I think Static would be accustomed to gunfire by now. Here's my version of the fight.
- Two appear on island.
- Static flies up a bit into the air
- Roland walks around spots Static, drawing his pistol and firing.
- The speed of Static's flight plus the general drift of a revolver causes the bullet to hit Static in the shoulder, knocking him off his disc and to the ground.
- Static attempts to run and regroup, but a shot from Roland hits him in the leg, dropping him.
- Roland accidentally gets into Static's line of sight as he lines up the kill shot.
- Static rips the guns from Roland and shocks him until unconscious.
- Static limps through the portal, dragging Roland behind him.