Any idea if I can use a data tool to separate or split the "display name" content into 2, and use only the first name.
For example: I would like to use first name only and separate the "displayname": "bob smith" to only "bob" and use "bob" later on in the flow with a dynamic content component.
Yes, you should be able to use a split function and use the space character for the split. Use the  index position to get the first part.
Below is an example in a couple of compose actions.
split(outputs('Compose'), ' ')
Thanks, I did learn about split expressions, but my issue is that when I pull out Display Name for "compose" its places an "apply to each" function for DisplayName, and I understand that apply to each cannot be used for Initialize Variable commands.
and composing w/ split expression yields this, w/o a name :
Ok, I forgot the Compose 1 before the Compose 2 with Split expression. That works and I've split the name, but its not allowing me to recover the first name output from the split so I can place it later in the flow under HTML format for "send and email (V2)"..