Mike, the way TM works it makes a full backup once, the first time, then after that the only thing it backs up is what changed. That's called an incremental backup. So even with a tone of "backups" on the drive, it's not a huge space hog. For example, my main drive is about 350GB of data. After backing up for the past 18 months, my TM HD has used 800 GB, or less than three times the size of the drive it's backing up. So TM is not really a huge drive hog with endless copies. The only files "copied" are the changed files, which are generally not that much.
That said, if you really want to get rid of old TM backups, the only way to do that is through TM itself. But that is not fun.
If your drive gets full and you are sure you don't care about any of the historical data there (i.e., you will NEVER want an older version of what you have now), then you can simply turn off TM, reformat the drive to erase all the old backups and then turn TM on again and restart the backup process. The first backup will again be a full backup and then incremental after that.
Frankly, I wouldn't worry about it. TM will make room for itself on the drive by deleting older backups eventually. When you see that happening (you get a message) then you can decide what to do. Generally, for me, once it starts deleting old data I just go ahead and wipe it slick and start over. Or I get a new external, start TM to it and wait a few months until I'm sure I'll never need the old data and then wipe it slick. Murphy demands that 10 minutes after you erase the backup you'll need a file...