No, I don’t think majoritarian tyranny is ok.
I think the difference to me is that liberty is not the ultimate good, it is the means to the ultimate good, which is goodness it self. But goodness requires a moral choice, and in order to make a choice you need to be free.
I think there are some conservatives who forget that and want to force people to be good, and that is wrong. But what I think a lot of libertarian do is they start worshiping liberty as the ultimate good, and I get the feeling that they don’t really care how the liberty is used as long as people have it. Liberty can only be maintained with responsible use, I think a lot of so-call libertarians want all the benefit and none of the responsibility.
Those would be "Liberals", not libertarians. Jefferson/Madison oriented libertarians understand the requisite responsibility involved with liberty.
We just don't want to have to wear diapers when the guy down the street craps his pants.