Is there a way to create a taxonomy path redirect?
Instead of hook_term_path you can use hook_entity_info_alter.

A small example 

function MYMODULE_entity_info_alter(&amp;$entity_info) {
  $entity_info['taxonomy_term']['uri callback'] = 'MYMODULE_term_uri';
}


and then you can implement you version of MYMODULE_term_uri function.

Hope it helps.

Also if you want the D7 version of the module you mentioned you should try 
http://drupal.org/project/entity_path