To those interested:
I just got back a while ago from the vet. When she first examined it, she said she would pierce it and then examine the contents, and if it was fluid it would probably be less to worry about than if it were a mass (i.e. cellular). I didn't see the actual process (because she took Skippy to the back to do it), but she came back to say that the contents were a little pus-sy, leading her to believe that the sac is a sebaceous cyst. She drained what she could, but said to monitor how fast it fills up again. She also thought it was likely nothing to worry about, but if I wanted, she could perform a biopsy to remove the tag, and then send it for more scientific analysis in a lab.
She did say that with Skippy advancing in years (he's 6.5 now) we would likely start seeing more of these skin 'abnormalities' too.
Under the circumstances, those are as good news as we can expect to get, I suppose!