Just wondering if I were to sculpt skin pores onto my mesh, would it be possible to bake the sculpted skin pores into a displacement bump map? That way I can use the displacement map in my material with a simpler pre-sculpted mesh if I wanted to?
Yes Blender is very capable of baking high frequency details (like skin pores) as displacement maps. Multires is the best approach for achieving such details but currently it's excluded from Blender 2.81 and is slated to be recoded this year.
Until then, you could try to achieve skin pore details with remesh or dyntopo. If your computer is beefy maybe that will be possible. Or you could sculpt skin details with Blender 2.79, bake out displacement maps, and finish your project in 2.8.