Yeah both of these could be really bad ideas, but a load that can sink 40Amps ain't cheap 
i can think of two loads that can sink 40A and neither is what i'd call expensive!
1) 10 of 50W 12 down lighter bulbs, in parallel. Only downside is these will get hot, so need to be mounted in some form of metal plate or case (but they only need a round hole to mount them, so that's easy)
2) a roll of car brake pipe. Change the resistance (and hence current) by just moving the point at which you connect to that roll up and down the roll, run a small pipe from a cold tap to run water through the pipe to cool it.
I've successfully used option 2) to sink 5kW from a large 12V lead acid battery........
(your step up option is complex, expensive, potentially dangerous and very likely to go bang. You need to spend your time on your device, not on making kit that might or might not work to try to test your device!) And using a battery is fraught with potential (pun intended) dangers, like fire from over charging to huge short circuit currents from accidentally connecting unmatched potentials together....)