Lao Tzu, or Socrates, who has the better approach to life?

Big difference. Lao Tsu was in touch with reality and understood it very well. Socrates has a rough time figuring it out. He came to conclusions about his level of understanding of reality but only in that he figured out how to differentiate between what was real and not real but still was of a total quandary as to what reality really was. Lao Tsu came from a different angle and understood his reality and that of others very well. Though of many ways to use reality instead of trying to figure it out. Both were wise but both had very different approaches to reality. Socrates sought what Lao Tsu had.