This comparison, if not apples and oranges, is surely oranges and grapefruits. The Outdoorsman an "N" frame; the Masterpiece a "K" frame. The question would be better posed, "Which do you like better, not which is better. IMO, they are intrinsically equal. The choice should be predicated on the intended use and/or personal wants, needs and preferences of the shooter. Wil Terry offered a pretty sensible solution to the dilemma.
All that said, if pushed I would concede that most Masterpieces have "better" finishes than do the Outdoorsmans.