I would like to create a view where I can add tags to content
First off, if all you need is a check box on your node form which toggles something as on or off - basically, a "Featured" state in this case - using taxonomy to achieve this is overkill. All you really need is an instance of a "Boolean" field.

Second, you can use Views Bulk Operations to operate on the results of a View. Basically, you can create a View with a column of check boxes much like the default content list in Drupal core. You can check a list of items - Beverage nodes in this case - and then select an operation to apply to the items you've checked. So yes, you'd need a custom module - a fairly simple one which would define "Make Featured/Unfeatured" actions, then implement callbacks to programmatically set/unset the "Featured" values on the selected nodes. See the VBO development guide for instructions on how to implement this.