The effects from Figure of Fable's abilities overwrite other effects that set power and/or toughness if and only if those effects existed before the ability resolved. They will not overwrite effects that modify power or toughness without setting it (whether from a static ability, counters, or a resolved spell or ability), nor will they overwrite effects that set power and toughness which come into existence after they resolve. Effects that switch a creature's power and toughness are always applied after any other power- or toughness-changing effects, regardless of the order in which they are created.