Local adjustments are pre-processing: they are applied prior to Basic adjustments. For example: to protect highlights locally, so that when the whole picture receives global adjustment, those areas will keep their detail.
Tone Curve is post processing: it applies onto the results from Basic adjustments. If those highlight areas are shown losing detail because of the current Basic adjustments, no Tone Curve setting can retrieve that detail.
So these are sequential dependencies. I don't think they could be reversed.
To be clear, by "sequential" I refer just to how the processing algorithms work. The same settings will give the same results, regardless of the order in which those were set.