For comparison purposes these scenarios dont play off each other, each is unique.
In Hal's case, Ferris and Star Labs develop the armor and keep updating it (this armor will equal Tony's in every way, so thats not an issue for debate), using Hal as the test pilot/super hero, giving both companies exposure and "street cred" tech wise.
In Tony's case instead of developing armor in his origin story, he gets chosen by Abin Sur at that critical point in his life where he's held prisoner to be used and then killed by his captors.
My opinion is both would excel. Tony would NOT be making giant boxing gloves, and Hal would adapt to the armor and push its limits regularly, understanding it like the pilot he is.