TL:DR
If the vertical component of tension is not large enough to overcome $F_g$ on $m_2$: $a_1 = a_2 = a_{2_x}$, otherwise read below.
In answer to the question posed in your OP:
how is the net acceleration ($a_1$) of the block with a mass of $m_1$ related to the net acceleration ($a_2$) of block $m_2$? Is $a_1$ = $a_{2_x})$ (just the horizontal part of $a_2$), or $a_2 = a_2$?
$$T_y = F_x * sin\theta$$
$$a_1 = a_2 \text{ if } T_y \le m_2 * g$$
If the above is not true, than the vertical component of the tension on $m_2$ will be greater than the force of gravity on $m_2$, and this will result in $m_2$ accelerating upwards.
I'm not really qualified to explain this so I will describe this as I understand it (physicists beware, I'm going to miss out on some stuff (torque and angular acceleration, I think)).
If $F_y > m_2 * g$ then, as $m_2$ accelerates upwards, $\theta$ will shrink towards $0$. While $\theta$ is shrinking towards $0$, the same $F_x$ is being applied; however, the $x$ component of $T$ is growing, and the $y$ component is shrinking.
While $T_y \lt m_2 * g$, $m_2$ will be accelerating upwards, gaining vertical speed. Once $T_y \gt m_2 * g$, $m_2$ will begin accelerating downwards (note that the point ($R$) at which $T_y = m_2 * g$ will occur before $\theta = 0$ ).
The result of this would be that as $m_2$ oscillates around $R$:
- if $\theta$ is approaching $0$: $a_{2_x}$ (and $a_{1_x}$) are increasing.
- if $\theta$ is receding from $0$: $a_{2_x}$ is decreasing.
- However, the velocity of $m_1$ is not required to be the same as $m_2$ as they decelerate, because, given that the masses are attached by a rope, $m_1$ can approach $m_2$ from behind. This means that in a situation where $m_1 \gt m_2$ (difference in inertia), and $F_x$ is an appropriate value, $m_1$ may approach (or even pass) $m_2$. This is roughly comparable to how a crossbow works (but the PROPER description of this situation (with angular acceleration) would probably better describe something like a trebuchet)...
- Also, if $\theta$ is receding from $0$ in the negative direction (upwards) and the circumstances are correct, $m_1$ may be pulled upwards by $m_2$; however, this would require much more force than simply causing $m-1$ to rotate under $m_2$.