I love the name [name_u]August[/name_u], but our last name has “gus” in it. Think of Vegus.
Thanks!
If “[name_u]Gus[/name_u]” is at the end of your surname, I probably wouldn’t do it, unless you’re okay with the inevitable GusGus in school? Though I do like [name_u]August[/name_u].
It depends on where the ‘[name_u]Gus[/name_u]’ falls in the name. I love [name_u]August[/name_u], it’s one of my favourite names. I honestly don’t think name teasing is that bad in schools; I’ve been to many schools and I’ve never seen it, and I’ve come across some very obscure names. Maybe I just didn’t see it as a child though.
Anyways, it should be fine, as long as it flows well with your surname. A versatile middle name would help protect him, too.
[name_u]Love[/name_u] it do it LOL sounds FUN! 
I personally don’t think it would be a problem. He’ll go by his first name, nickname, or first name + his initial at school, so I doubt his classmates with even notice for the first several years. And by then he’s much more likely to get flack for having the wrong cell phone or running like a duck in gym class, not because his full name has two similar sounding syllables. I think sometimes when we immerse ourselves in naming culture we way overthink how a class of our kids’ peers will react to our chosen names.
I love [name_u]August[/name_u] but it would sound awkward with that last name.