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Added a patch that clears up the incorrect help. It now accurately reflects the only constraints that the code actually puts on the arguments:
 if listfuncs and (count or trace):
 _err_exit("cannot specify both --listfuncs and (--trace or --count)")
 if not (count or trace or report or listfuncs or countcallers):
 _err_exit("must specify one of --trace, --count, --report, "
 "--listfuncs, or --trackcalls")
To reflect both of those constraints, and only those constraints, the part of the help message in question now reads:
Otherwise, at least one of the following options must be given:
-t, --trace Print each line to sys.stdout before it is executed.
-c, --count Count the number of times each line is executed
 and write the counts to <module>.cover for each
 module executed, in the module's directory.
 See also `--coverdir', `--file', `--no-report' below.
-l, --listfuncs Keep track of which functions are executed at least
 once and write the results to sys.stdout after the
 program exits. Cannot be specified alongside `--trace`
 or `--count`.
-T, --trackcalls Keep track of caller/called pairs and write the
 results to sys.stdout after the program exits.
-r, --report Generate a report from a counts file; do not execute
 any code. `--file' must specify the results file to
 read, which must have been created in a previous run
 with `--count --file=FILE'.