I have a problem with him still looking quite feminine in the role. I have played this role in drag but I played it as slightly masculine and incredibly disgusting. The only reason for this role to be given to a man would be if there just wasn't a woman who could play her nasty enough.
Think of how Ethel Merman would have played the role. I believe that's how Miss Hannigan should be played. That being said, I guess I'm one of the few who liked Katie Finneran in the role. I dislike Miss Hannigan being played as too much of a cartoon. I lose interest in her.
I'd give it chance. There have been so many productions of Annie that it really doesn't matter. Eventually, everyone will have a chance to play Hannigan. I'd like to see a drag Mrs. Lovett or Rose. Those seem like a given. Usually, the more wicked female roles could be fun in drag. I don't think anyone would suggest a drag Eliza Dolittle or Julie Jordan.
@ homeimp - I thought Finneran made some really weird choices that worked in some parts but not in others- her singing was god awful annoying though to me. She was the most Cartoonish of the three Broadway revival Hannigans. I did not really care for her. We have no idea how Merman would have handled Hannigan, we can only assume she would have been amazing- but she also could have taken it in the wrong direction.
On the other hand, isn't it accepted wisdom that most of the great roles in musical theatre are written for middle-aged females? So casting one as a drag role isn't "taking a role away from women," when as characters and songs go, the woman of a certain age holds the majority of the accepted great material.