I believe that they process it via vacation conflict first, then training. So if you're trying to use the training to knock out the trip and make it up in the conflict window, you'll be out of luck, as vacation would have knocked it out first.

But I am not absolutely certain. It seems that every time I bid vacation and training in the same month, I manage to screw myself. I advise you to call (good luck getting them to answer), but better yet to email futures immediately and ask them the question. You should get an accurate answer from them.