I can't imagine a situation where one would say in English 'Excuse me, thank you!' Are the two Hungarian words something one would say together? If so, what does the phrase as a whole mean? Does this mean 'please excuse me'?
I imagine something would be happening mid-sentence. Like you say excuse me, they immediately give way, and you end up thanking them in the same breath. Imagine having to leave a theatre row during the show, in the dark. You would keep repeating this sentence.
I believe bocsánat can be used whenever one would use excuse me or pardon me in English, so I'd say yes. Usually if you interrupt a person or bump into somebody on the street elnézést is preferred, but bocsánat isn't inappropriate either.