David Jones' 27th-minute strike also completed an impressive double over the Champions League hopefuls, whom they beat at White Hart Lane in December, while the result has boosted squad morale heading into this weekend's home clash with Chelsea having previously suffered a 2-1 defeat at Birmingham and an FA Cup exit to Crystal Palace.
Bull, who netted a record 306 goals during his 13 years at the club from 1986-99, accepts inconsistency has been a feature of Wolves' campaign so far but feels the win over Spurs - as well as the plucky goalless draw with Liverpool at Molineux last month - proves they have the quality and fight to keep their heads above water.
"I think Wolves can beat the drop because I think the bottom half of the Premier League is very poor," said Bull, speaking at the launch of the Wolves Accumulator, an online fantasy betting game in conjunction with sportingbet.com.
"There's quite a lot of teams down there like Hull, Burnley, Wigan, Portsmouth, West Ham and Bolton which we're well capable of beating so if we can finish above that group then I'll be very happy.
"This season they've been pulling some great results out of the hat but then often falling flat on their face in the next game, so that needs to improve.
"The home games are crucial for survival but obviously when you see a run of games against Liverpool, Tottenham, Chelsea and Manchester United then you wonder if you'll get any points from them.
"I would have been happy with two but we've got four already and beating Tottenham will stand us in good stead to face Chelsea at the weekend."
Bull would have liked Wolves to bring in one or two experienced Premier League players in the January transfer window but hopes the goals of Kevin Doyle and the leadership of Karl Henry will continue to be instrumental.
He said: "I was a bit disappointed when we didn't make big signings in January but I don't think it was through lack of trying because we were linked with the likes of Stephen Hunt, James Beattie and Robbie Keane.
"I just think its difficult convincing top players to come and play for a team down in the bottom half of the table because they don't want to roll their sleeves up.
"Kevin Doyle has been absolutely superb - he's so good in the air despite his size and chases everything down. The captain Karl Henry has led well in the middle and I've also been impressed with David Jones.
"But we do have quite a lot of young lads and I would perhaps like to see a few more experienced Premier League players in there to blend in with the youth."
Earlier in the season McCarthy came in for heavy criticism after naming a virtual second-string side to face Manchester United at Old Trafford - a game they lost 3-0 - but just five days later his rested first team picked up a priceless 2-0 win over fellow strugglers Burnley.
Bull insists this kind of decision making underlines just how well the Wolves boss is handling the intense demands of battling against the drop.
He said: "I think Mick McCarthy is doing a wonderful job and I think he's coping really well with the unbelievable amount of pressure in the Premier League.
"When he did make his team changes he did it for the right reasons and we won the crucial game that followed. He's a down to earth man and all he wants is to keep that club in the Premier League.
"It's really hard to get out of the Championship as a lot of big clubs have proved and if we do go down it will be difficult to return quickly. That's why it's so important we stay up and even if it's a scrap and we finish 17th I'll be more than happy."
Barclays Premier League Relegation 2009/2010 Win Outright: Wolves 6/5