There are two important things when it comes to the uncertainty principle: what it means in principle, and what it means in practice. In my experience, most of the questions people ask when first learning the PRINCIPLE is actually questions about the PRACTICE. So I'll tell you what would actually happen in a lab.
Whenever you measure something, there is some non-zero error on the measurement. However you always get a number, and as you correctly realized, you can get BOTH a momentum and position measurement at the same time. However, to get a handle on the errors, you would repeat the experiment over and over, measuring the position and momentum of the particles (no one takes a single data point seriously). What you would find is that no matter how well you reduce your errors through careful measurements / good statistics, the minimum uncertainties will always be constrained by the uncertainty principle. What this means is that if you look at your table of data, there will always be a spread of data points.
The real issue is that particles have a wave-like nature in quantum mechanics. When you can talk about the momentum of a wave, it's usually difficult to talk about it's position (and the other way around). And in general, waves don't admit a particularly good notion of either. The uncertainty principle is a result of this fact.