Hmm, kind of. The US comic was monthly, the UK one weekly, so even splitting the US issues in half, the UK boys still had to come up with 2 weeks of original stuff.
There were 80 US comics, but 332 UK ones, along with Annuals and specials. The UK guys did lots of original material that fits in-continuity around the US stories, which as said, they did reprint, chopping the stories up into 2 issues as they did so.
There's more UK stories than US ones. And I personally think the UK comics were better, as you got the same stories as were in the US comics, new UK-only stories, plus back-up strips like GI Joe, Visionairies, Machine Man and sometimes whacked-out stuff like Rocket Raccoon or Hercules. Oh, and they pretended a TF did the letters page, which was actually sometimes pretty funny.
There's a good TF comic FAQ here: http://tfarchive.com/comics/genone/faq/index.php
And coz I'm a sad bastard, G1 Megatron was a Walther P-38, not a Luger. Feeble robot mode on that toy, lookit at that pic <shudders>.