Do the TUPE 2006 regs mean that all Bulls players can refuse to transfer to the new OK outfit? (if they wish to do so).

YES!
Any bulls player contracted beyond this season can opt to have his existing contract transferred over to OK bulls or they can opt not to.
Id imagine all the Aussies will decide to stay as will the big earners Langley, platt, Scruton, Sykes as they couldn't demand big money if they were to look for a new club.
A player can agree or refuse to be tuped over to ok bulls

Cheers.

Under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE), if a business - or a part of a business - is transferred to another business, in most cases the employees of the old employer will automatically transfer to the new employer on their existing terms and conditions.

However, an employee can't be transferred to a new employer against their will and may object to the transfer before it takes place.

In this case, if they refuse to have their contract transferred to the new employer, the employee is regarded as having resigned with effect from the transfer date. As a result there is generally:

Do they have to offer the same money? I was under the impression they didn't have to. Are there any legal brains who know the rules and regulations that can clarify?

yes they have to honour all existing T&C's, esp regarding basic pay

Bet there's a few high paid players they're hoping have short-term contracts then. Think there's a few high paid players who have hardly played for a couple of years. They must be costing a fortune.

By a 'few' I presume you mean Scruton?

Well Burgess and (probably) Hargreaves are leaving at the end of the season, so we're going to need Scruton regardless of how much money he is on.