The first thing that comes to mind is that they are both a cheap fighter thats kind of western but not quite. Other thing is that Tejas is single seat and the Mk-2 will be better. (But if we wanted we could pay KAI to continue with the
F-50)
F-50 will have a stronger airframe and more hardpoints single seat with more fuel/avionics and similar engines options to the Tejas MK-2
And it can have an AESA Radar like RACR/SABR or a Korean AESA from LIG Nex1 or Samsung Thales
So Tejas Mk-1 and FA-50 are comparable but Mk-2 will be made while F-50 will not (our airforce has no need)
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you need to think beyond the 1950's. this is the next century, people do not design fighters to be 'rockets with wings' anymore, where they minimise drag at the cost of everything else. 

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