When u say which takes precedence, i think it would depend on what your outgoing qos policy is on the interface, if there is any & also whether the interface hardware queue (tx_ring) is congested, as only then will ur qos policy kick in. If you have no qos policy attached to the outgoing interface, then it depends on whether ip or mpls packet gets into the hardware tx queue first.
If there is a LFIB entry for the destination prefix, CEF will label switch the packet. But the reason is not because it only has to look for tag, from router's point of view, there is no difference between looking for 20-bit tag or looking for a 32-bit IP, TCAM techonolgy can achieve line-rate lookup in both cases.
As a rule the router will always see the mpls label first, if its not there it will route it as per the layer 3 header info.
As far as you question to apply QOS policy for MPLS and IP goes for mix traffic going on a interface, you can match EXP and IP PREC/DSCP in the same class map, in the same service policy and apply it on the interface.
This way it will give the desired behaviour for MPLS as well as IP traffic both at the same time.
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