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It's pronounced exactly as you wrote, "COOK-ville". The schools are among the best in the state, consistently getting high marks. The families that I know with children all seem to like the schools.
I'm not in a position to comment on the job market but there are many new companies offering a great variety of goods and services opening in town so I would think there are quite a few jobs. A local trucking company, Averitt, has gone on a building spree in town opening several large buildings for their business which is doing quite well.
You shouldn't encounter any difficulty in finding a nice home on several acres near town. Cookeville offers a large selection of housing in all price ranges.
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