I can't say I'd be able to make 8 Battle Revolution-worthy teams out this selection (since you're limiting legends 'n all; you'll be fighting full teams of the BEST legendaries eventually), but I'd imagine I could make two good teams.
Ho-Oh: It's a powerhouse physically, nothing more to it.
Machamp: The same.
Gyarados: Intidimate's a great ability, particularly for the double battles you'll be doing; and of course Gyara is great.
Steelix: Hits harder than Skarmory, is a Ground type that gets STAB (same-type attack bonus) Earthquake which your Gyara and Ho-Oh can avoid, giving it nice synergy with the two).
Alakazam: Really should be replaced by Mewtwo or Latias (if it has a soul dew, otherwise it's an inferior Mewtwo with Dragon typing tacked on), but out of the pokemon you've got, it hits hard among the non-legendaries, and you need at least one powerful special attacker.
Electivire: The ol' bait and switch electric moves with Gyarados is a tactic of old, to get Electivire that free Motor Drive speed boost. It's not a bad pokemon either.
I would only recommend a few changes from Team 1, actually.
Mewtwo: The main powerhouse of the team, switching in from Ho-Oh.
Rhyperior: Hits nasty hard, and is very bulky on the physical side, switching in from Steelix.
Bronzong: Rhyperior should really be using Earthquake to do massive damage to both of your opponents with in doubles, and Bronzong also gets the ability Levitate (I really hope your Bronzong has Levitate) so it can dodge the friendly fire. In singles/on it's own, it's very bulky too, and because it's so slow it's Gyro Ball hits laughably hard. It can learn Trick Room to speed them both up to incredibly fast, and Machamp benefits from this too. Basically, Bronzong is strategically good for your team; not just hitting like a pile driver as the rest of the team. Switching in from Alakazam.
So yeah, those two teams might have so great success. And if you have a Soul Dew for Latias/intend to get one for it via the shop in Battle Revolution, you'd definitely want to use it on a team.