Hi

. . . . So if I want track one to play at 80bpm and track two at 120 bpm . . . .

Yes it can be done

The tempo setting you see in the transport control bar of the timeline is the global setting for the project - you need to decide which is going to be the 'main tempo'

Soundpool loops, MIDI and audio recordings can be adjusted for tempo - use the Tempo/Pitch effect as required - do note this will shorten the objects if increasing tempo or lengthen them if decreasing.

MIDI - the tempo can also be adjusted using the MIDI Editor to edit the notes as required - however this can be time consuming.

Note for fine adjustment of controls see this tutorial

HTH

John EB