Magandang tanghali - when do you use it?
I'm going through the Pimsleur Tagalog program now, and they say magandang tanghali = hello. But isn't this phrase only used around lunchtime?

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You're absolutely correct. :) use "magandang tanghali" when it's around noon.

Magandang umaga = good morning
Magandang hapon = good afternoon
Magandang gabi = good evening

I don't think there's a tagalog translation for "hello". 
When you want to greet someone, you can use the ones above. Or maybe say/add "kamusta?" if you see someone you know. :)