Tasker if-else-if hierarchy and default setting, like Locale
That's something not easy to be simulated by Tasker, but should be possible. The most likely trick is working with variables -- an approach you find described at Google Groups: How To Default Profile? (check the post by Nikita Popov).

That example just defines a single default profile to fall back on if no other profile is active. A more complex example would properly make use of variables like %PACTIVE (currently active profile), in the way that a "lower-priority" profile would contain the condition that the higher is not contained in %PACTIVE (so it only becomes the active profile if no "higher-priority" profile is currently running).