Ok, I want to convert to DCC but am unsure if I will be able to run DC on the same track at the same time?
There are ways to do this, but trust me you don't want to. It is twice as complicated as either system alone and a receipt for burning up or ruining something.
So my question is this, Is DCC backward compatible with DC? If so can I run in opposing directions?
Some locomotives have what are called "dual mode" decoders. They can run on DC. But, No, in DC mode they run exactly like a DC locomotives. They cannot run in opposing directions. Only when they are running on DCC power can they run in opposing directions.
Can someone please explain my options?
Do you mean just DCC options or control options in general (like WiFi, wireless, battery powered etc)?
I would say your options for DCC are to choose a CVP, Digitrax, Lenz, NCE, Prodigy or Zimo DCC system and just start.
My advice is that if you want to convert to DCC, just do it and don't look back. If you worry about it too much then you are always trying to second guess yourself. You can study it forever, worry about getting the "best" system, make it seem harder than it is, but all those do is distract from the trains.
In all the hundreds of Model Railroaders I have known who have converted to DCC, I can think of a handful who have not said, "why didn't I do this sooner". I only know of 2 who didn't like it so much they converted back to DC.