Phenol is more electron rich...the OH group is electron donating compared to the toluene CH3 group.
Basically, you want to do the FC alkylation mechanism completely backwards. This reaction is always in equilibrium, which makes it sythetically challenged. An FC acylation on the other hand is irreversible and selective, giving it greater synthetic utility. Since phenol is more electron rich than the substrate you're removing the tert-butyl group from, it is preferentially alkylated.
Is dry HCl gas also a part of the reaction? Typically, the AlCl3 complexes with the Cl of the HCl, stripping electron density away from the proton. The moderately "naked" proton protonates the aromatic ring, and the tert-butyl cation is expelled to restore aromaticity. This is promptly trapped by phenol.