I would like to create a stack (being able to portray List, Fan and Grid View) which sits in the dock that allows me to see my most recently used Applications upon clicking it.
Furthermore (and if possible) I would also like it to be able to change (upon right clicking it) from recently used applications to recently viewed documents, favourite items, favourite volumes etc.
Yes, it is possible using the following Terminal command:
defaults write com.apple.dock persistent-others -array-add '{ "tile-data" = { "list-type" = 1; }; "tile-type" = "recents-tile"; }' && killall -HUP Dock
This adds a stack to the right end of the Dock (before the Trash) that lists your recently-used apps.
Upon right-clicking on the stack, you can choose from multiple recents lists, and change the style of the list, as well as remove it from the Dock. Running the above command multiple times will add multiple stacks to the Dock, which you can customise individually.
/Applications in my Dock, so the position of the newly created stack is not relative to that stack (if that makes sense). The new stack should be the right-most stack on your Dock, just left of the Trash.