I think tankers will still work, but the problem has to be attacked from a different angle.
California's water is a repayment on the bond measure for building it's infrastructure back in the 60s. It's somewhere around 80% of the price of water. This is the largest reason for it's seemingly fixed cost and relative cheapness, even during the drought years. Under these circumstances a single tanker is simply a drop in the proverbial bucket.
What California's drought hurts is the entire state's total water carrying capacity year over year. Once that reaches a critical low, California will be spurred to take another water bond project of equal size. I predict this will fund desalinization plants along the coast.
Looking at the problem from this perspective, I'm estimating how much water is produced daily by a given plant. The question then becomes "Can I produce as much water as this plant for less money (loan/maintenance/electricity)?" I imagine this requires a dozen such tankers each day in Los Angeles harbor, each selling at half the cost per gallon.
Now this might be impossible to engineer cost wise because of the very math you mentioned. It also requires a staggering amount of water production, which itself might be impossible. The logistics of managing such an enterprise might crush the venture under it's weight. I'm still working through these assumptions.
Still, you've helped greatly because now I know the current cost to maintain a tanker. It's expensive, but that's a number I can attack to drive down.