I have just used context_admin to setup easy editing of taxonomy vocabularies.. I have a menu tab that lists the terms and a local action to add a new term..

The issue is the titles given to these pages.. They show the title of the main menu item rather than "[taxonomy_name] list" or "[taxonomy_name] add".. I guess its similar to what was solved in http://drupal.org/node/1264378 just for taxonomy terms..