Welcome to the community, @Melissa_Winter! :grinning_face_with_big_eyes: This is doable. However, I’ll warn you now that it’s a bit of a mess, at least if you want to do it via formula fields. I built a system like this for my personal planning base a while back, and in order to make sense of all of the necessary steps, I had them split across at least a half-dozen formula fields before finally arriving at the new date. I also had an Integromat scenario running daily to copy the output of that formula fun to an actual date field. Now those fields are gone and the calculations are done in a scripting action inside an automation that runs every day.
If you’re interested, I could set you up to use a modified version of my code. However, I have to ask: how many records are you working with? Automations have monthly limits, so the method we use to implement this system will depend on your record count. I’m using a workaround to run a single automation daily that processes all available records, but if your record count is low enough, it could be set up to run on every record.