I have known a lot of drag queens that DO identify as gender variant in some way. I think it's presumptuous to say that most drag queens are really just cis men in women's clothing and completely unrelated to trans women. (Not that anyone used those exact words, it's just my reaction.) I am not trying to say that the two are the SAME--but why do trans women have more of a right to name themselves tranny than a drag queen? I consider that historically drag queens have been pioneers in the LGBTQ rights movement from Stonewall on--and a huge part of that has been BECAUSE of blurring the lines of gender. Yes, there is a performance aspect of it--but not always.
I think trans________, however you may or may not end that word, is a wide and diverse group of people. Tranny has long been used before the word and concept of transgender as we know it now even existed. In my opinion, it has as much history and importance of reclamation as queer, dyke, faggot (and no I also do not agree that that is an off limits word as well), bitch, cunt, nigger, and so on and so forth. I think the reclaiming of language is important and powerful. It can be a liberating and powerful experience.
Also--how the fuck do we know how Ru Paul feels about his/her gender and what pronouns he/she may or may not use? To put the label of cis man on him BECAUSE he is a drag queen seems questionable to me. Ru Paul hasn't said much on the issue, but what I did read when he finally came out and addressed the issue was "fuck anybody who wants to police my language". Amen to that, I say. Just because a person spends SOME time living and identifying as a man I don't think it negates the time they spend living, identifying, performing, and embodying another gender if that is meaningful to them. I don't know specifically what Ru Paul's gendered experiences are but I am not going to make a judgment about what words are appropriate for him to use. I think drag queens absolutely can fall into the trans* and gender variant experience.
I use the word tranny. Not always, not with all people--but I do have trans friends I use it with. Just like I have gay friends I use the word fag with. On trans pride day we wish each other "Happy tranny day!"
I have been following the discussion online and I find it extremely ironic that the loudest voices in opposition to the use of the word tranny are cis folks. Not folks from the drag community, not trans women--CIS FOLKS. Things that make you go hmmm.
This is one really good viedo I liked on the pro tranny side, or at least one that allows for that view: