My first post wasn't very clear but Ualaa answered my question.

The Blizz FAQ deals with a single veteran or recruit account I have two accounts that are both. I was concerned that characters had to earn levels while grouped in order to be able to gift levels. If I understand Ualaa correctly I could grant levels to a character from 1 to 80 and that character would still have 39 levels to give to his/her veteran account.

So if I'm figuring this right I have enough characters with gift levels that I can boost to 41, gift to 80, rinse and repeat.

Unfortuately I already had two accounts, added a third to three box, two weeks later decided that if I'm doing three I might as well do five and added two more accounts so I'm pretty well stuck with how they are linked and I'll have to use paid transfers to fill out teams....but on the positive side it looks like I'm done doing Halls of Lightning boosting runs.