Too Malfoy! Especially since that's a children's book, and at some point he and all his friends will be reading it--or, if they're like my kids, dreaming it, acting it out, drawing it, etc.
I'm in the minority, I guess, because I think it's fine... At some point, people are going to have to deal with the fact that names like Draco, Hermione, Lucius etc were names long before JK Rowling decided to use them.
There is always Drake, of course, but it doesn't have the same swagger as Draco!
While I love the name, I think almost everyone who hears/sees the name is automatically going to think of Draco Malfoy. That being said, it's still an awesome name. If people like it, I think they should use it.