TEC has cheap units and great repairs. Their end-game economy is superior, but early and mid-game they're about the same as everyone else.
Advent is sheer power, that much you have correct. They also tend to favour a high degree of synergies, stacking multiple bonuses to create powerful fleets. As a result, splitting up their fleet into two smaller groups usually disadvantages Advent.
Vasari is about mobility and versatility. They've got the best starbase and are well equipped for geurilla war. Small specialized groups are how they work best. They're a little weak early game, and are by far the best at killing capital ships.
2) If 50 minutes have gone by, your the economizer, and you (as TEC) don't have any trade ports up, your doing it wrong...
As economizer, you should normally have trade ports by 50 minutes regardless of your faction. If you're in a front-line position (that is, you're actively fighting an enemy) then when you go for trade is up to you. Often times I don't touch trade at all for the entire game when I'm on the front lines; it's simply too expensive to set up in these cases.
3) Teching straight to Illums as Advent is not a good idea...
Nope; this is a solid strategy. Like any strategy it has its upsides and downsides, but it's definitely a solid opener.
4) Teching straight to Advent Heavy Carriers is also going to get you killed...
Meaning... not building the first fleet size upgrade... Pretty sure that'll get ya killed eh?
Depends on the distance to your nearest opponent. If you're on the front lines, most likely this is the case. The TEC are probably the best faction for fast heavies anyways.
5) TEC can be an offensive CIV if played right?
Whether you play offensive or defensive has much more to do with your strategic position than your faction. TEC definitely can be played offensively, as can Advent and Vasari.
6) Your starting position is the deciding factor in aggressor or economizer, not just the CIV you pick.
Your faction has little to no bearing on whether you go economizer or aggressor. It's all about your strategic position.
I'm surprised the AI was able to cream you guys. Where you using repair bays? The AI seldom uses them, but they are by far the best defenses in the game.