When Feraligatr was first released, I thought for sure Dragon Dance would be it's best set. After experimenting with a few sets, I am not so sure. As of right now, I believe a set of Swords Dance, Waterfall, Aqua Jet, and Crunch/Substitute with a Jolly nature and max attack and speed might be its best. The problem with Dragon Dance sets that Ive been having is that my opponent either has something that can outspeed and revenge Feraligatr, or tank a hit and fire back. With Swords Dance, however, Feraligatr can almost always take something down and always puts in work for my team. It's speed, usable bulk, better defensive typing, and lack of recoil from Life Orb make it better than Crawdaunt in my opininon, who is better off using a Choice Band anyways. Especially the speed, don't underestimate how important it is to be above the 70 speed tier, because many pokemon often run just enough speed to outspeed Jolly Brelooms and Bisharps.
Also, I haven't gotten around to trying out a Double Dance set or a set of Waterfall, Crunch, Swords Dance, and Dragon Dance. I feel like both of these sets have more potential than plain Dragon Dance so all I am really saying is that SD Feraligatr is better than DD Feraligatr.