Create a new function to work with the Managed Metadata Picker based on SPFindPeoplePicker and this post:
http://sympmarc.com/2012/12/16/getting-the-value-of-a-managed-metadata-column-with-jquery/
http://sympmarc.com/2012/12/16/getting-the-value-of-a-managed-metadata-column-with-jquery/