I don't think there's an easy way to do this, Fallout had a really nice track effect on his RTS project, maybe he'll spot this and offer some advice.
The last time I did this was on DBClassic, with a snowboard leaving a track - I used the MAKE OBJECT TRIANGLE command, and just re-made the tracks in a loop, so the furthest away track is used next. Was not too bad because the camera was behind the snowboarder, no fading or anything fancy like that. I would suggest stitching track objects together, like add 4 dummy cubes, one at each side of your tracks, then that gives the 3D locations to make tracks from. So if you imagine your tracks are made of rubber, one end of each track is attached to these limbs, and the other end is stuck in the ground. When the tank turns by and moves, you stick the limb end of the track onto the ground, then start a new track object to continue from it - using the limb positions as the end, and start of your track objects.
You would need to know how to vertex modify a plain for that, but I think it should be fast enough. While your doing that though, you can adjust the UV coordinates so the track texture is exact, even fade out the start of the track, set it's alpha to nothing - then the track will look like it fades into the ground, like the tank is digging in.
That's what I would do, and its my best guess as to what Fallout did with his.

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