Is it safe to use Winamp 5.05 for tag editing? I understand that there are more convenient tag editors out there, but I use Winamp because it has everything I need in one package. That aside, I just wanted to know if there are any known issues with it, and if so, what they are.

I don't have any problems with it. I've been using it a lot for supplemental tagging purposes since version 2.7 and now and then ever since I started using Winamp.