How high are you trying to get that Heracross to? I think that will get you around the level 34 range with 111 candies.
I don't have a Heracross but before I got a good Machamp, my "fighting" Pokemon was a 98% Ursaring. Pretty underrated against Snorlax and Blissey with ZH since it's a Normal type and doesn't receive much damage from that type of move.
Should I power up Heracross?
I have a 89 ivs Heracross at level 38 with fighting ms, also a level 38 - 95 ivs Machamp and another one at level 32 but with middle good ivs, both with C/ DP. I asked cause right now I don't have a good Machamp to consider to power up nor many Machop candies, time ago I caught a 91 ivs Heracross with fight ms at level 20 (15 ivs on her ATK) and I have 111 hera candies, do you consider there is that much difference between Mach and Hera? I have used both and I can say Hera is as good as Machamp fighting Snor / Bliss / Tyra but not as good as a generalist
Answers
Their attack stats are the same so a Counter + Close Combat should perform more or less the same as a Machamp with the same moveset, one with Dynamic Punch will be better.
The biggest difference is typing. Against Tyranitar, the main reason that Machamp is so useful, Machamp resists Stone Edge while Heracross takes neutral damage, and Machamp takes neutral damage from Fire Blast while Heracross takes super effective damage.
That combined with the fact that Close Combat is the optimal move for Heracross and you're likely to faint with a partially full energy bar which would not be wasted with a Dynamic Punch Machamp.
Personally I wouldn't power a Heracross as a Machamp substitute because I'm mainly using them against Tyranitar. You've got 2 Machamps and a Heracross, which I think is enough to contribute a significant amount in Tyranitar raids, the last 3 slots you could just use Vaporeon or Rhydon for now, save yourself dust for when you find a Machamp worth powering.
So you have a Heracross and a Machamp at level 38 and a second Machamp at level 32, all with their best fighting movesets, but you want to power up another fighting attacker? Unless you are trying to beat a Tyranitar raid with very few players, I'm not sure if you need another fighting attacker.
I never need more than three Machamps when fighting gyms (two with Dynamic Punch and one with Close Combat, so fairly similar comparison), and that is only when trying to take out fully motivated Blissey and Snorlax.
I actually have a level 34 Heracross with 82% IV's and 14 attack stat. He also has double fighting moves. I can honestly say I really enjoy using him, even more than Machamp. I do believe that Machamp is a superior Pokemon but not by a huge margin. Fighting pokemon have a special niche right now in the game with some of the toughest mons being weak to them. It's really up to you though. I'm glad I powered mine.