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They could turn it into "Gay-us," but I think kids make fun of names after they've found a rhyme and reason to even make fun of little Gaius in the first place. Bullying depends on the kid's personality and fortitude.
People would look at the ai and think ay in En.-speaking countries where Gaius isn't such a common or well-known name. Plus, people have been known to use both prn.s.