As far as I can tell, there isn't a way to retrieve a spell from in a bullet for further modification or viewing. A way to do that would be handy. Perhaps allowing a Spell Drive to copy the active spell out of a CAD or Psimetal tool in the right adjacent hotbar slot?

I think the reason for this is that that would effectively turn bullets into spell drives, allowing cheaper spell storage.

There's not a huge point to Spell Drives as they are right now, anyway, since you could just Import/Export the 'code' for the spell, unless I'm missing something.

You aren't missing anything, it's perfectly possible to have a massive text document of spells.

The point of spell drives (I think) is ease of sharing on SMP. If you're both online, it's easier to pass an item back and forth rather than large amounts of JSON.