EDIT: Another Alternative
Based on the comments, there are two reasons for modifying the old tags. One is that the tags can't be actually closed, so there continues to be usage despite any warning placed in the wiki excerpt. There is not currently a 100% effective solution for that other than deleting the tag. Hopefully, the warning reduces the continued usage, and the ability to deprecate tags might be a valuable feature to pursue. In the meantime, stretching out the question cleanup and doing just a few at a time over a long period will reduce the negative impact.
The second reason for modifying question tags is that it provides an opportunity to improve old questions or bring to the front ones that might benefit from a fresh look. Some, perhaps most, old questions are not good candidates for this. That includes ones that were closed for reasons that can't be fixed; ones that refer to obsolete or esoteric issues (useful to keep "just in case" but there isn't likely to be much further call for it); ones the already received a comprehensive, definitive answer or answers; etc. These questions don't need or benefit from cleanup, plus doing so has the negative effect of filling the active questions list and reducing exposure for other questions.
Let me suggest an alternative for achieving the second benefit without the negative side effects. Look at the question but don't automatically change the tag. If the question will benefit from fresh eyes, clean up its tags and improve the question content if possible. Otherwise leave it alone, at least for now. That doesn't solve the problem of eliminating a bad tag, but that objective can be accomplished later when and if system improvements are made to eliminate the effects of tag changes on the active questions list. In the meantime, we can achieve one set of benefits benignly and it is a more effective use of peoples' time.