I think using \vfill would reduce the trial and error part. One \vfill between each bullet should guarantee even spacing. Try \vfill before and/or after bullets to get separation from preceding text or from bottom of page. I don't use or know Beamer, but I suspect there's a way to put the \vfill commands into the Beamer template.
\documentclass{article}
\begin{document}
\begin{itemize}
\vfill\item This is text of first item
\vfill\item This is text of second item
\vfill\item This is text of third item
\end{itemize}
\end{document}
Per your comment, here's one way you could define vfill to be automatically used in main list items but have no vfill in subitems. THis way lets you use same \item command regardless of whether you're in main list or in nested list, but requires you to define or redefine environments, and to be aware of when you're adding a main (i.e, vfilled) list and when you're adding a non-vfilled (i.e, nested) list:
\documentclass{article}
\newenvironment{novfillenum}{\begin{enumerate}\let\item\olditem}%
{\end{enumerate}}
\newenvironment{vfilleditems}{\begin{itemize} \let\olditem\item \renewcommand\item{\vfill\olditem}}%
{\end{itemize}}
\begin{document}
\begin{vfilleditems}
\item Item One
\begin{novfillenum}
\item subitem1
\item s2
\item s3
\end{novfillenum}
\item Item Two
\begin{novfillenum}
\item subitem1
\item s2
\item s3
\end{novfillenum}
\item item three
\begin{novfillenum}
\item subitem1
\item s2
\item s3
\end{novfillenum}
\end{vfilleditems}
\end{document}