BMX Bandit said:
its not as clear cut win as you think. several issues.
is drag expressive speech? one court in texas has said "no" (the rest all say "yes")
is the speech banned protected speech or does it fall into obscenity which is not protected?
is this narrowly tailored to meet the compelling interest of the state in protecting female students under title IX?
Is drag expressive speech? You answered your own question with your parenthetical there, as even the 6th Circuit, in affirming Tennessee's drag show ban, said it was expressive speech, and instead relied on a reasonableness assessment in regards to a 17 year old.
Is the speech protected or obscenity? Well, it's expressive speech, and as such not obscene. It does not appeal solely to the "prurient interest", it is not patently offensive (even hardcore pornography has been found to not be patently offensive), and, at a minimum, drag shows have significant political value. Not obscene, so protected.
The drag ban is not narrowly tailored. Protecting female students under Title IX can be achieved in many different ways without banning protected speech, this is not a hard question at all.