The Highway 1's have a satin finish on them. That and the pickups are the key difference between them and a MIA Standard. Some people love the finish, some hate it. I personally think it's great. It's quite thin, low gloss, and it will wear down quick. But most believe it also helps the tone of the guitar.
The ones from that period have medium jumbo frets as far as I know. The newer ones have jumbo. They have a 9.5" radius neck too. They are one of the few Teles with those specs (along with Baja and American Series).
Your MIA Standard Strat is worth more then the Tele. The Highway 1's are the bottom of the MIA pricing line. I see Highway 1 Tele's on some of the American sites I buy from for $450-500 used and on eBay for around $600 CAD.
If I was doing the trade, I'd personally want one with upgraded pickups and a good hardshell case before I considered the trade. I am not 100% sure if I would do a straight trade even at that. But you'd be getting a good guitar, so you'd have to decide.