While it may be assumed, and can be found in the pin schematics in the device specific datasheets, the MSP340x2xx Family User Guide does not state that port interrupts (e.g. P1IFG) are disabled when the port is not selected to be I/O. This is shown on the schematic where PxSEL2.y and PxSEL.y are ORed and the result is connected to a low enable input of the latch which is set by the Interrupt Edge Select block. I also did not find this in stated in any other documentation related to MSP430 device interrupts.
The MSP340x2xx Family User Guide states "Each PxIFGx bit is the interrupt flag for its corresponding I/O pin and is set when the selected input signal edge occurs at the pin." As stated one would expect that the interrupt flag is set even if the pin is being used by a peripheral. For example, that P1IFG1 should be set at the high to low transition at the start of a byte received by USCI0 at pin 1 of port 1 if this pin is configured to interrupt on a high-to-low transition.