Depends on what role you want for your Gyarados. If you need a dragon attacker, DT/O. If you need a dark attacker B/C. If you are just looking for a generalist either DT/HP or B/HP are also good.
Personally, I fast TM'd my best Gyarados from DT/C to B/C simply because I could use another decent all dark attacker (all three of my L30 Tyranitars are B/SE).
Oh, and I wouldn't even think of defending. His CP was the only thing that kept Gyarados in gyms before the rework. And now we even have Zapdos who takes out Gyarados more ridiculously fast than Jolteon used to do.
EDIT: I really like Bite as a fast attack given that it is very dodge-friendly.