Even if you bought two 1-Day Passports (Tokyo Disneyland and Tokyo DisneySea) the cost is still cheaper at $132USD, but I wouldn't bother doing that. If cost doesn't bother you, then this is an excellent option to see both parks in one day.
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(Updated February 12, 2023.) In our Tokyo Disney Resort Trip Planning Guide we recommend multiple days at TDS if you have the time, so you necessarily will have to skip some things if you only have one day. Japan is a beautiful country, so we totally understand if a day is all you allocate to Tokyo DisneySea!
So should I visit Tokyo Disneyland or DisneySea? If you can, both Disney parks are definitely worth visiting, despite having different rides and attractions. But if you really had to pick one, go for your preference. For the classic Disney theme park experience, Disneyland is for you.
The truth is, Disneyland is part of the greater Disney Resort along with its sibling park Tokyo DisneySea. While Tokyo Disneyland has the name recall and the same classic touch its fellow Disney parks worldwide have, DisneySea is known for being one of its kind. Both are beloved by theme park goers all over the world.
Visit during the weekdays for lesser crowds, but keep in mind that Monday is usually the busier weekday. Even so, it can get busier in some months. Click Crowd Calendar for more information regarding the crowds in Tokyo Disneyland throughout the year.
So if you have the choice I think Tokyo is the better choice. Have been to both and Tokyo is definitely better. It is a lot bigger than HK so has more rides and attractions. It also has Disney Sea, which is unique to Tokyo and definitely a must see.
Its sister park is Tokyo DisneySea, our personal favourite as it's unlike other Disney parks and is a little quieter and more adult-orientated. Tokyo Disneyland is still a fantastic day out and ideally, you'd spent a day at each park. I don't recommend trying to visit both parks in one day.