You will find each GEM keyboard is different. For example, Equinox will behave differently from WK8.

Let me answer your question from Sk880/WK8/6 perspective:

1)Is it possible to loop individual tracts on a Gem board:

There are two ways to accomplish this:

a) you can take one measure in one track and copy it as many times as you like in its own track or a different track.

b) you can use the style maker which will loop one or multiple measures on one track or multiple tracks. Then what you added in the style can more than easily ported to Sequencer via playing the style in quick recording mode.

However, if you mean by this, the way none-arranger sequencer work, the answer is NO. Because there are other (and more powerful ways) to accomplish this without using the Synth way.

2) Also, is it possible to take out a note in one tract and put it in another tract?

I was going to answer YES very easily. You can take a note or range of notes from one track and copy them into another track.