If they really are both equally as qualified and will give equal output, then yes of course I would. I might throw in an incentive that any additional output beyond what you would have expected with 1 employee will result in some sort of revenue share for them. Maybe a profit sharing model where they get a payout per whatever % the company is up over last year etc. This way you win and they can potentially get beyond that $50k with the bonus system.
I like this approach. More people benefit; possibly needier people benefit, everyone wins. But NotPhil makes a very good point that I hadn't considered. The ADA and EEOC will kick your ass if you make the mistake of hiring a minority, old, female or disabled person at a discount. Make damn sure you only hire young healthy white men.