So I found the 1985 film Trancers on Youtube. While not the best freeze ever naturally it does have a 1985 variant of bullet time as a guy uses his special watch to either freeze time or slow it to a crawl (a bullet was still moving but very slowly). Helen Hunt plays the guy's companion and she's involved in the scene, getting carried to a nearby car. I figured it was worth bringing up due to who is involved more than the quality but all told it isn't bad at all.
It's just a few seconds over 30 minutes in.
http://www.youtube.com/watch?v=kvxYX093Ur0