Is it possible to change your terrain into a displacement and then have thing like tire tracks and bulldozers change that displacement terrain to change the look of the terrain?

Just wondering what I should be looking at to do it?

Unfortunately it wont be possible without C++ (editing the engine). Here something similar has been discussed: https://forums.unrealengine/showthread.php?4224-How-to-do-deformable-Terrain-meshes-textures&highlight=deformable+terrain

But for the tire tracks you could just use decal actors