No portal is necessary though you can use one. The first requirement is that the date field must truly be a field of type date and not be a text field.
You can match records by PID, but specify a sort order in the relationship that sorts the records by Date in Descending order. Then you can place a field from table 1 on your table 2 layout and it will only display the most recent date.
If you don't want to set a sort order in the relatinship, you can use a one row portal and specify the same sort order for the portal.
Wow, PhilModJunk, that was really easy.
Thanks! I set it up in two minutes, and it works like a charm!