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