In 1994 Clinton's approval numbers were even lower than Bush's. After the Republicans took power they soared because he moved to the center rather than having to follow the more liberal wing of his party.
I look for the same thing to happen with Bush. Probably not to the same extent since he still has Iraq hanging over his head but some. There are things he can work with the Dems on. He isn't opposed to raising the minimum wage (not as high as the Dems want but some) and he certainly never wanted the House Gestapo Immigration Bill. He probably won't budge on tax cuts.
Bush came into office with a reputation of working well with Texan Democrats. No reason to think this won't happen again now.