Interesting thread.
I think the McDonald connection has killed it for a lot of people, but it's not my connection, so I like it as a name.
My Grandad was Ronald, but everyone knew him as Ron, which I think is a good, solid name. He was also movie-star handsome in his prime.
The problem with 'good, solid' names, is that that's not where the current vibe is for boys' names. Too many people are still caught up in the other end of the spectrum; cheeky chappy names - Alfie, Archie, Charlie, Harry, etc.
I'd say you're just ahead of the curve. If you like it, go for it. The Archie, Alfie names are definitely on their way out.
Also, a thought re a similar name... Donald.
Of you ask people about Donald, they'll inevitably say, 'no way, don't do it', 'Donald Duck', etc, etc, etc.
But, Don Draper (the real one, not moi 
) has added a whole lot of caché to that name, or the abbreviation of it, at least. And it also goes to show that once someone (in this case your old child) comes to own the name, any other associations go by the wayside.
Sorry for the essay, but just something to think about.