"The judge and Take Two employee used a cheat code in order to skip around in the game and play through various parts, including the more graphic portions of the game." - Taking from 1up.com
Heh....there's no doubt about it, that one can make such a code. That dont mean that it's going to be put in the game. You see, for one time only in certain cases Rockstar used codes that they put in personally for reasons like those.
Sure there are going to be codes / cheats for Bully, being able to skip around in the game wont be one of them.
"How do you know??" Ummm last time I checked being able to skip around in the game is something the maker of the game would be doing, and personally I dont see myself doing so, even if the code did get relased for gameplay use.