You can actually do this in several ways, depending on your goal. Procedurally, you could use function nodes outputting a specific value through a displacement shader set to an appropriate multiplier. This would create a uniform height across the planet, unless you constrained it somehow. Easier might be to feed a Painted Shader into a Displacement Shader and just paint displacement in the area you want, and adjust the Displacement Multiplier to reach the altitude desired. You can check the altitude just by mousing over the area of terrain and looking at the numbers at the bottom of the 3D Preview. Y = up in TG2.
If you have the need to create very specific and complex terrain shapes, an external heightfield editor will probably be easier and faster. World Machine, Geocontrol, Wilbur (free), L3DT, and Leveller are all good options.
- Oshyan