Okay... I figured it out. What I did was this:
<script type="text/javascript">
$(document).ready(function() {
$("#myTags").tagit();
$('#submit_button').click(function() {
var optionTexts = [];
$("ul li").each(function() { optionTexts.push($(this).text()) });
var taglist = '' + optionTexts.join(', ') + '';
$('#field1').val(taglist);
$('#form1').submit();
});
});
</script>
<ul id="myTags">
<!-- Existing list items will be pre-added to the tags -->
<li>Tag1</li>
<li>Tag2</li>
</ul>
<form method="post" action="test.cfm">
<input type="hidden" name="field1" id="field1" value="" />
<input type="submit" id="submit_button" value="Submit">
</form>
I think it needs to be cleaned up a bit but it populates the field.