Judging by the number of returns on a Google search for this "right to bully" bill, I'd say Tennessee's laughingstock is already up over this. The new bill would amend existing anti-bullying law to give bullies a "loophole" if they bullied LGBTQ students on religious grounds. If I can ever find the actual text of the amendment, I'll come back and add a link for it.
Here are some other links, including one for taking action via change.org...
Back in November, Michigan Senate Minority Leader Gretchen Whitmer (D) made national headlines for delivering an impassioned speech condemning legislation that required schools to adopt anti-bullying policies that exempted students who bullied based on “sincerely held religious belief or moral conviction.” As a result of Whitmer’s very public opposition, the Michigan legislature eventually stripped the so-called “license to bully” provision from the final bill and now the state leader is hoping to duplicate that success in Tennessee, where lawmakers are considering a very similar clause.
Tennessee Anti-bullying Law: Stop All Bullying (petition at change.org)
Christian activist questions scope of anti-bullying law (Chattanooga Times-Freepress, 1/4/2012)
Proposed bill in Tennessee would essentially legalize anti-LGBTQ bullying (feministing.com, 1/5/12)
Tennessee Anti-bullying Law Could Allow Students to Speak Out Against Gays for Religious Reasons (Huffington Post, 1/4/12)