The phrase "a bit of a bust" is correct and usable in written English.
It is typically used to describe something that has failed to meet expectations or has not been successful.
Example: "The concert was supposed to be amazing, but it turned out to be a bit of a bust due to the bad weather."
Alternatives: "a total failure" or "a disappointment".
Our small press thus far has been a bit of a bust.
AS MY colleague noted yesterday, the planned national "opt-out" day to protest America's burdensome new airport security procedures was a bit of a bust.
Some readers may be disappointed when the love affair with Carolyn, seemingly central at the start, turns out to be a bit of a bust, just another problem for Marina to survive in her messy year abroad.
On the other hand:The first big study out of New York City, however, suggests that menu labeling has been a bit of a bust in changing ordering habits at fast food restaurants in low-income neighborhoods.
The sky show occupies the upper half of the center's 87-foot diameter sphere; the lower half is devoted to a very brief light and sound show depicting the Big Bang -- which, for this visitor, turned out to be a bit of a bust.
"When you couple the Super Bowl with a great location like Miami, hotels can charge five times their normal price," Mr. Tuchman said, adding that last year's location, Detroit (featuring the Seattle Seahawks and the Pittsburgh Steelers, above), was a bit of a bust.
They have a bit of a bust-up and then they're laughing and joking over dinner.
Sources described a "bit of a bust-up" as the energy secretary "went for" David Cameron and Chancellor, George Osborne.
We can assume that David Cameron is a bit of a gamer, having been busted obsessively playing Fruit Ninja and Angry Birds in the past.
"Isn't it true you've made a bit of a mess with boom and bust economics, your government is now left to do one U-turn after another, the prime minister is more interested in not splitting the Tory party than winning the referendum and you just want his job?" he said, contorting his vowels randomly while forcing the chancellor into bizarre contortions of his own.
There is a bit of a challenge with Wyoming's boom and bust economy.
