Assign the return value of the first check to a variable, and test if there is something in it:
if ( $quote = get_post_meta( get_the_ID(), 'FeaturedQuote', TRUE ) )
{
?><h3 class="featuredquote"><?php the_title(); ?></h3>
<blockquote><span class="bqstart">“</span><?php
echo $quote;
?>
<span class="bqend">”</span></blockquote>
<?php
}
elseif ( $img = get_post_meta( get_the_ID(), 'InsertFullImg', TRUE ) )
{
echo "<img src="https://wordpress.stackexchange.com/questions/98372/$img" alt="">";
}
Note, a <h3>
cannot be the parent of a <blockquote>
. Headlines can contain inline elements only.