I think that this theory could POSSIBLY work, not sure. Anyway, the Island is "separate" to the real world, like the Matrix and operates on a different level. Also, people are kind of "guided" to both and can influence the outcome of stuff(for example Neo being guided to the Matrix by Trinity and Morpheus and Locke being guided to the Island). Both are incredibly difficult to leave(CIP Cypher in the Matrix and the "Raft" in LOST). The Matrix was "created" by the Architect and the Island was discovered by Jacob so Jacob and the Architect are similar, Otherman/Samuel and Smith are similar.
"Main Characters" in both(Short List) 1. Architect = Jacob 2. Oracle = Ellie/Eloise 3. Smith = Otherman/Samuel 4. Cypher = Widmore(?) 5. Bane = Ben 6. Agents = Mercernary Team 7. Morpheus = Alpert 8. Neo = Jack or Locke, definitely Locke 9. Trinity = Kate or Claire
Locke seeing the bright light is like Neo taking the "red pill", both see the truth after these experiences....