I do not think a meaningful distinction can be drawn between the tags look-alikes and confusables. There is no category charter for the first; the second defines confusable as words and phrases which are easily confused with one another, which would seem to include look-alike words (a question about affect and effect prompted me to delve into this).
This tag is for questions about words or phrases that are easily confused with one another. This might be due to similar pronunciation. Examples are THEIR and THERE. If your question is about a word or phrase with multiple meanings consider the tag ambiguity instead.
There are only 11 questions tagged as look-alikes, and aside from one closed question, the last time any new questions were tagged with it was 2011. I propose it be merged into the larger and more current confusables.