Seems reasonable. I'd merge and synonymize.
updating post history, 62 rows affected
updating posts, 50 rows affected
updating PostTags associations, 47 rows affected
removing/renaming old tag, 0 rows affected
updating count for master tag, 1 rows affected
tag remapping of [process] and [processes] complete!
remapping 0 synonyms
0 favorite and ignored tags remapped!
Tag Synonym processes -> process was approved!
Broadcasting tag-engine reload