No its AND. You can have one image of that 450x125 and then 4 lines of text below it. Mods are usually pretty lenient here so unless your image is larger than that you should be fine. If you have no image you can get away with more text, etc so usually a sig has to significantly deviate from those rules to be asked to be fixed.
edit: I just saw you had a crap load of text and I don't believe any image. you might want to create an image with all your text cause you could fit a lot more text in an image of that size than you could using just 4 lines. But don't use those large sizes like you had cause that just pisses people off.
