A more realistic Magneto would be more limited with what he could do. Namely if you made his magnetic fields more static instead of him moving metal anyway he wants, he would move it in a circular motion.
The easiest way to describe it would be to say that he revolves it around himself, although the distance would not matter.
The only bit of PIS would be the fact that his powers would work on all metals (real life not all metals are magnetic, but you can magnetize them I think, it just takes time).
Assuming he could magnetize any metal he wanted, then he could stop bullets midair and rotate them at high speed around himself.
But he could do little else.
He would need other powers to compensate, perhaps something like the teleport power in city of heroes