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Just bought some scouts off eBay and was looking through the codex at the HQ's for a Scout Army.

I was thinking, would giving 2 more wounds for 50 points to Telion (making it 100), be a fair HQ unit?

This belongs in proposed rules more than you make da call. And as to the actual question I have no idea, I don't play SM but it sounds alright?

Um, no. The 10th Captain isn't a scout. He is a Captain. In Power Armour. I suggest if you take Sniper Scouts you take a shooty HQ like Lysander (Bolter Drill and Bolster defences combined with Camo Claoks makes shifting this unit surprising hard and it hits hard back if armed correctly.) or maybe a Librarian. If filled with CCW/BP scouts I would suggest something like Shrike or a Chaplain and getting some LSS.

Really, there is no need to make a 10 company captain. Just use what you have and you should do it fine. Scout Squads, Scout Bikers and LSSs are a Scout army.

There's no reason the 10th Company captain wouldn't deploy in scout armor if the whole company were to deploy en masse. I think the OP's idea sounds perfectly fair.

While the captain of the 10th probably would wear power armour, a scout force (Or any force for that matter) doesn't have to be led by a captain.
You could have a Senior Veteran Sergeant as a HQ which would be even more appropriate for a scout company as the scout company of a chapter is rarely fielded all at once...

Yeah the captain could deploy in sout armour, like in the black reach novel when the tactical squad is deployed in scout armour