Hi Hsmore,
Seems like you are running an interesting experiment to capture the flight of a supersonic projectile.
You need to know the physical size that corresponds to each pixel, also referred to as the resolution, in your field of view.
As an example, if the physical width of your field of view, 320 pixels, is 5 m, then the resolution of your imaging system is
5m/320 pixels = 0.0156m/pixel or 15.6 mm/pixel.
Blurred motion is seen when the object captured travels more than 1 pixel during the time the camera ir recording.
Next, you can compare the time, t, it takes the object to travel a distance equal to the size of 1 pixel. t = 0.0156m / 731.5m/s = 21.3 µs.
You can set your exposure time to 21 µs.
If the exposure time is longer then you get blurred motion. If you set it lower than 21 µs you avoid blurred motion but you also require more light to illuminated the scene adequately.
Note that this number is based on the assumption that your filed of view is 5m. Estimate your exposure time based on the actual size of your field of view.