This name cannot be pronounced dray-go. Original pronunciation is drah-go, and I think that this name and all it's variants (Dragan, Dražen, Draženko, Dragana, Draženka) are beautiful and they have beautiful meaning.
Pronounced dray-go, but the "drag" prefix will get him no end of transvestite ribbings and "Drago's a drag" is inevitable too! What if an alternative spelling could be found? It's a nice enough sounding name if given a second look. What about Drego or Draego?