For a smooth lead sphere of 0.54 caliber, the terminal velocity would be about 427fps. For a 0.45 caliber ball, about 390 fps.
If the ball is coming straight down then terminal velocity is the whole story.
If the range is not extreme and the muzzle orientation at the moment of firing is close to horizontal then all you need to be concerned with is muzzle velocity and aerodynamic drag.
If the ball is descending on an arc, that means it has BOTH a residual horizontal velocity component and a vertical velocity component. If it had no horizontal velocity component it would be falling straight down, not following an arc.
The horizontal velocity component is based on a vector decomposition of the initial muzzle velocity and the decrease in that velocity vector due to drag.
The vertical velocity is either terminal velocity or some velocity less than terminal velocity if the bullet hasn't fallen far enough to achieve terminal velocity.
The TOTAL velocity of the impact will be the vector sum of the vertical and horizontal velocity components. That will be the square root of the sum of the squares of the two velocity components. It will be greater than the largest of the two components but smaller than the sum.
If we assume that the projectile is a 0.54 cal lead sphere with remaining velocity of 400fps and it's descending at it's terminal velocity (427fps) then the total velocity at impact will be about 585fps. Since the weight of a 0.54" lead sphere is 237 grains, the impact energy would be 180ftlbs.
While it would be possible to set up a ballistic calculators to take all that into account, there would be no practical reason to do so and it would add considerable complication by attempting to calculate the terminal velocity for a variety of projectiles. Since the projectiles are not descending straight down (they're not oriented in the direction of travel), finding the ballistic coefficient of the projectile (unless it's a ball) would be somewhat complicated.