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I would like to remove several tags that have made it into the tag manager. What is the best process to do this?

You can edit your tags under Contacts->Manage Tags on the left menu.

You can not directly delete a tag, but you can use the Merge Tags to acheive this. Merge Tags will transfer the contacts from one tag, to the other tag, then delete the original tag. It's necessary to Merge instead of Deleting tags in order to make sure contacts are not lost from a tag, which could affect email newsletters you have scheduled.

Feel free to check this video for more information on the Tag Manager:

Tags can now be deleted. However, tags cannot be deleted if they are attached to a signup box, even if the signup box is deleted.

Would like to be able to delete tags that are not attached to an active signup box.

If you have a deleted signup box, you can access it from the signup box screen by clicking the white button that says "Deleted Sign-up boxes". You can access the signup box there and remove the tag. Then you will be able to delete the tag.