I've been to both, along with Iva's and Cherry Pit in Sevierville, and Pappy's in Maryville and Mammaw's in Knoxville.
Hancock's is the winner if you have plenty of time and money. They're not that expensive, but sure do have lots of fabric for you to love. It's huge! Tennessee Quilts has moved to a new building and it's a nice shop, but not any nicer than the others. There's also a new shop in Kingsport.
Mammaws has tons of fabric, a little crowded, but she's rearranged it and it was much better the last time I was there.
Pappy's is great, and 2 miles from me. I love Iva's, Cherry Pit is also great, and they are about a mile or so apart. I shop all of them. Hancock's is on the way to my DD in St. Louis. I have quilty friends in NE TN, and we get together now and then to shop and lunch. The others are about 30 miles away.