Not a magic item, but it was still added on to you 'after the fact'.<br/><br/>The most sensible way I can interpret it is to apply them simultaneously, or as close to as possible. You gain your x3 speed at the same time as you gain your 'fly speed=land speed", so you end up with a 40ft. land, 40ft. fly, both of which triple to 120ft. and gain +30 for an end speed of 150ft. Doing it the other way is blatantly double-dipping the template, which can't be intended even by Epic's wonky standards of balance.