I try to think of it in two ways.
Me gustaria vivir en Hawaii
I would see more as, the prospect/thought of living in Hawaii is pleasing to me.
Whereas something like quisiera I would use in different contexts. I think of it like the past subjunctive tense of querer, meaning something that could be possible but perhaps in more of an active sense.
For example if I wanted to express the english for, 'I would have liked you to tell me how things were'
I probably wouldn't say "me hubiera gustado si me hubieras dicho como fueran las cosas" (plus it doesn't sound right) I would say:
quisiera que me dijeras las cosas tal cual
I wanted you to tell me things as they are.
It feels more active.
Because in present tense I would say
Quiero que me digas las cosas
I'm not sure there is much difference but I have always felt quisiera to be more of an active word or question.
Also I rarely hear people say, te gustaría ir al cine? o quisieras tomar un cafe? as we might say in English, would you like this or that. Mostly people just ask "¿quieres?" and not whether or not it would please you.
Si quisiera vivir en Francia, ¿vivirías conmigo?
(If I wanted to live in France would you live with me?)
Hope this helps, and lets see what natives have to say