Is my team ready for solo machamp?

If you wanna use ho-oh you need to power it up (mines 31). The level 24 espeon is in a similar situation. After you power those up, your team can handle Machamp as long as you dodge.

Here’s my team and I beat Machamp with about 20 seconds without the weather boost helping me. This squad is 5-0 right now.
(The ivs are about 84-91%)
1) Espeon, lvl34, C/PB -dodge
2) Ho-Oh, lvl31, E/BB -I don’t dodge with
3) Alakazam, lvl31, C/FS -dodge
4) Espeon, lvl31, ZH/FS -dodge
5) Espeon, lvl31, ZH/P -dodge
6) Gardevoir, lvl30, C/SB -2 hits before win

While Dazzling Gleam is much better than Shadow Ball, your team could still solo a Machamp despite the comparative DPS loss as the psychic attackers would make up for it.

I think the best usage of dust would be powering the lower level Espeon and the Ho-oh, not just because they'd gain damage from breakpoints but also gain more bulk, especially the Espeon. Level 24 to 30 is a 11/12 HP increase depending on stamina IV due to rounding.

Also balancing your team rather makes it less important when you miss a dodge on your higher level Pokemon.

The 31.5 Espeon is probably the last thing to be powered, +1 damage on Confusion is rather minor because it is a slower move, you could get almost triple the benefit from the Alakazam as Psycho Cut is almost 3 times faster, but I don't think it should be necessary.