Can I beat 40 Stamina Mihawk with this team?

Friend's Laboon (Lv 5) 686 HP 
Princess Vivi (Lv 24) 636 HP (RCV 302 x 5 = 1510 RCV)
Gear 2 Luffy (Lv 32) 1177 HP
Red Armored Crab (Lv Max) 50 HP
Green Armored Crab (Lv Max) 50 HP
Purple Armored Crab (Lv Max) 50 HP
Merry Go Ship (Lv 6) 210 HP (Crew ATK 1.2x)

Any suggestions or am I good with this?

Should be fine, did your arlong not fit hp cap/do you not have one? He tends to be significantly better for these sorts of teams. As long as you keep under hp cap and make sure you clear the first stage you should be perfectly fine.

Just pay attention to who you hit on 4th so you keep laboon and vivi from being locked.

My Arlong went over the limit with 1511 HP.

Thanks I feel much better knowing I'm ok, thanks for that last piece of advice too.

I advice to put Chopper Arm point, It special will halve DEF fir 2 turn! maybe 40 min less

I don't think half defense does anything against mihawk as he doesn't actually have any defense.