Thank you for your response. Sorry to hear that tagging functionality can't be implemented unless using generic content, but if that is the case, can you tell me if it it practical to use a generic content based module for my solution?
My module is used for maintaining existing data in an external table. My thought is that when the module is instantiated I would programmatically create content items for each record in the external table. I will also store the GUID of the generated content item with the each row for tracking purposes. When a content item is edited I will use my custom form for managing the external data.
Does this approach seem feasible to you?