Yes, a symbol can have both own-values and down-values, but it is usually bad practice to give a symbol both. Further, the order in which they are created matters, but there are problems both ways.
OwnValue first
y = 42; OwnValues @ y
{HoldPattern[y] :> 42}
But now you can't set a owndown-value, because
y[42] = 0 Set::write: Tag Integer in 42[42] is Protected.
0
DownValues @ y
{}
DowValueDownValue first
x[42] = 0; DownValues @ x
{HoldPattern[x[42]] :> 0}
x = 42; OwnValues @ x
{HoldPattern[x] :> 42}
The symbol x has both an own-value and a down-value, but look what happens when x[42] is evaluated.
x[42]
42[42]
This happens because under normal evaluation rules, Mathematica evaluates the head x of x[42] before anything else. When evaluating a symbol such as x, it looks at own-vales first and finds one. It uses that own-value to replace x with 42. It next evaluates the parts (arguments) of expression and of course gets 42, and so x[42] evaluates to 42[42]. Mathematica doesn't look for a down-value of x because it doesn't need to.