I am setting up a Facebook fan page and:
With these two settings in place, I don't know how to post a status update. Is it possible under these conditions at all?
When you uncheck Always comment and post on your page as MyPage anything you post on the Page is visible only to some of your friends and people who are visiting the Page profile (i.e. it's not published to the News Feed of the Page's subscribers). Thus, such posts aren't "status" updates.
If you want to publish an actual status update to the Page's subscribers, you need to "Use Facebook as MyPage". The easiest way to do it is to click the triangle in the top-right corner of the screen (on the blue bar next to Home) and select the Page, for which you wish to publish the update.
