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So I checked out my Gyarados stash. Somehow I've accrued ten and still have 1495 candy to spare.
>CP 3265 - lv 40.0 15/14/14 - Water / Hydro Pump (SHINY)
>CP 3047 - lv 35.5 15/15/12 - Dragon Tail / Hydro Pump
>80k dust + 108 candy to level 40 / CP 3257
>CP 3020 - lv 36.0 12/10/15 - Bite / Hydro Pump
>72k dust + 98 candy to level 40 / CP 3203
>CP 2980 - lv 35.5 13/9/12 - Bite / Crunch
>80k dust + 108 candy to level 40 / CP 3185
>CP 2760 - lv 30.5 15/12/7 - Bite / Crunch (SHINY)
>145k dust + 178 candy to level 40 / CP 3193
>CP 2756 - lv 30.0 13/15/10 - Bite / Outrage
>150k dust + 182 candy to level 40 / CP 3215
>CP 2730 - lv 30.0 13/10/11 - Dragon Tail / Outrage
>150k dust + 182 candy to level 40 / CP 3184
>CP 2675 - lv 30.0 14/10/15 - Dragon Tail / Outrage
>160k dust + 190 candy to level 40 / CP 3229
>CP 2481 - lv 27.0 13/11/14 - Dragon Tail / Hydro Pump
>178k dust + 206 candy to level 40 / CP 3216
>CP 2398 - lv 26.0 14/14/11 - Dragon Tail / Crunch
>186k dust + 214 candy to level 40 / CP 3228
It seems pretty fucking obvious what I should do here, put Waterfall on my top two Gyarados and power them to 40. It ain't even that much investment.