Hi there !
Place Name study is not an exact science and variations of the same word exists around the country, but I would assume that Knowe is a variation of knoll.
Derived from the Old English "cnoll" basically it is a discriptive word for the summit of a hill, or a smaller hillock on the top of another hill.
The first element "Tulloch" sound like a personal name, and could indicate a settlement of a person called Tulloch.
So Tulloch Knowe 'MAY' mean Tulloch settlement on the summit of the hill.
Hope this helps
RIV