You are correct, you can not run DTM and Launch on the same site.
We are currently in the process of creating a migration tool that will allow users to move their existing items within DTM to a new Launch instance.
If you wish to start using Launch before the migration tool is done, you can start by recreating your data elements and rules within Launch. While this might not sound fun, it often gives you the opportunity to recreate your rules and data elements in the best way for use with Launch. For example, many customers wrote custom code in DTM that is no longer needed in Launch.
Once you're ready to start using your Launch instance on your site, you can link your DTM embed code to Launch so that you can publish to the same embed code. This prevents you from having to make page code changes since the embed code would be the same.