I would 100% live in a tornado prone region over an earthquake prone region. Tornadoes, by their nature are small and very localized. An EF5 tornado could pass within a few hundred feet of your house and you'd come out essentially unscathed. Earthquakes can inflict damage in a massive area. During the 2004 Indian Ocean Earthquake, the fracture happened along several hundred miles of the fault and the resultant tsunami devastated large stretches of coastline.
Since tornadoes are so localized, recovery happens quicker. Additionally, if your area was struck by a tornado, nearby areas likely weren't, which can provide you a place to buy supplies.
I'd rate them from worst to less worse as:
* earthquake
* hurricane
* tornado
The warning a hurricane gives is invaluable. You can evacuate, you can gather up important documents, you can get a refill on any medications you take. An earthquake gives no warning. Even tornadoes give a lot of warning when compared with earthquakes. Not to mention the tsunamis that earthquakes can cause.