Whether to do this yourself or not depends on how much material needs to be moved... is it a hill side or a mountain side you're dealing with, and just how big is that "terrace" going to be? A neighbor of mine had a tracked Bobcat running full time for days on end cutting and filling less than 2 feet of ground to make his front yard level... there was probably less than an acre. The amount of soil to be moved in such a project can be staggering. If you've got anything really steep, plan on getting in the big equipment.
If it's a more modest area and the slopes are more gentle, sure you can do it with your tractor. Loader and box blade will work, but a scraper blade that tilts and offsets was more effective on some projects we've done, because we could set the tilt angle to cut into the slope and then angle the blade to throw the spoils away from the cut and downhill. The scraper blade probably acts something like a turning plow, but I think better for this type of work. Both the box blade and FEL want to follow the grade and you end up doing a lot of tractor jockeying to get them to cut into the slope. You can tilt the box blade of course, but it won't cut into a slope like the scraper blade will.