tl;dr - It's safe to delete in whatever way you choose.
The only conceivable problem would be if Time Machine was trying to prune a backup at the same time you were deleting, so maybe turn off Time Machine for the duration of your clean up if you're not using the built in delete button.
You can use tmutil delete
in Lion to safely delete backups. The benefit of this is the deletion happens more silently in the background. The downside is the UI isn't speedy for deleting more than one snapshot at a time. In practice, you have to be there to attend multiple deletions.
Don't worry about the internals of how files are linked or stored - yes most of the files in most of the backups are hard links, but to clean these up, you have to delete things folder by folder. The system will handle decrementing the link count so there's no better or worse way to go here.
It is also safe to simply remove them via Finder or any other method - just be patient as each backup contains a full set of directory entries for each file. My (worst) record is 4 days to delete through finder a batch of unwanted backups.
Good advice might be to start small if you can't leave your mac on overnight.
You won't lose any data unless you are deleting the last copy of a version of some file. You don't get any warnings, it will get deleted - this is the same whether you use Time Machine itself, or Finder or rm
in some terminal script.
As a brief aside - Why do you want to do this? Time Machine automatically prunes old backups when you're getting low on space. I've found it very comforting to just clone my Time Machine drive to a cheap USB external drive and put it on the shelf. (or make this the drive on the shelf and use it as an excuse to get a new drive) Perhaps it's the perfect pack-rat-keep-everything verses if-you-don't-need-it-now's-the-time-to-delete-it test for Mac users.
The first question, how can you be sure a backup has completed, is answered by checking the menubar Time Machine item. It will tell you the date of the last completed backup.
Secondly if you want to perform another complete Time Machine backup you can stop Time Machine, eject the Time Machine drive, plug in a fresh drive and re-enable Time Machine using that drive as the backup destination. A complete new backup will be performed.
You could also just delete everything on the original Time Machine drive but it is slightly more risky. If something bad happened before the new backup completed you would be without the backup you are not sure about and the new backup.
Best Answer
Open System Prefs > Time Machine, then click Options…
You can add exclusions to the list, by clicking the + & navigating to the location, or simply by dragging any folder/drive etc into the box.
It would appear that anything already backed up will stay in the older backups until eventually it just 'falls off' over time, as Time Machine cycles through your drive space.