Based on these numbers, you'll need a Grimer with a CP of at least 498 if you want a Muk with a 1,000+ CP (like the one pictured above). Or if you want a badass Charizard (and we're pretty damn sure that you do), you might want to start with a Charmander with a CP of at least 357. You're investing a crapload of time to collect all that Charmander candy, after all.
Mashable tested the numbers by evolving a CP 630 Drowzee, which the Toolkit calculator predicted would reach between 1310 and 1316 CP as a Hypno. What they got was a Hypno with CP 1306, which isn't in the predicted range, but pretty damn close. In their original Reddit post, Kyurun also warns that the predictions might not be 100% accurate, but they should give you a good indication of what you need to build a killer lineup of Pokémon.
If you REALLY want more accurate numbers, you'll have to spend some time plugging in Pokémon's stats into an IV -- or "individual values" -- calculator, like the one created by Poké Assistant, according to the report. If you have no idea what the hell an IV is, don't worry -- it's not information that's displayed to you in the game. This Reddit post from Conan-The-Librarian offers a simple, ELI5 breakdown, if you're interested.
The bottom line: do a little homework and check out the guides and tools other players are creating before investing your time and resources in evolving your Pokémon. In other words, don't blow it.