Is there a way I can input data from my own study and only view my tags/values on the region i have selected (along with street names and other basic features)?
When you want to work with really own tags/values that should NOT be added to the original OSM database, have a look at http://help.openstreetmap.org … there are some hints:
http://help.openstreetmap.org/questions/4496/how-to-create-fantasyimaginary-maps-with-openstreetmap
http://help.openstreetmap.org/questions/8526/how-to-edit-my-private-osm-server-map
http://help.openstreetmap.org/questions/3684/mapping-for-aviation
http://help.openstreetmap.org/questions/8462/can-i-make-a-private-osm-with-user-access-validation-and-custome-notations
http://help.openstreetmap.org/questions/3375/editing-for-my-own-map
… to name but a few.