I will take this in priority wise the constarints.
As false path has more priority than multicycle path it would take the path as false path and not do the timing analysis there.
It will report though, so that u know u have made a mistake and u can correct it.
For ur information this is the priority for PT
1. set_false_path
2. set_max_delay and set_min_delay
3. set_multicycle_path