First, yaaaay! I'm happy for you; every right earned is a right to treasure.
But... I haven't had the problem. I didn't go to my graduation, though I would've been happy to pass through the day in the semi-unconscious state that I use when I'm doing something I dislike. if I really had to go. But, that was high-school... and it wasn't the kind of environment that I wanted to be out to.
In an environment where I'm already out or wouldn't mind if everyone knew, I would definitely ask for the right to wear clothes that properly fit my gender to graduation. I mean, that right doesn't just exist for me if I get it - it helps everyone else who wants to that comes after me.
I will be doing something similar soon, actually. I'll be attending my first year of college this September, and I will no longer be wearing guys' clothes at that point. I may not blend in very well, but if I face opposition from the authorities I can always have my doctor write a letter for me to give to official disagreements with my "crossdressing." I mean, it's part of living the real life experience.
Student conflict will be a different thing, but I hope that I'm likeable enough as a person that I won't face that issue often.
Though, if I weren't full-time, and the authorities would fight me, I would probably just attend anyway, wrong clothes and all. Sometimes, the battle is worth fighting.
By the way, what constitutes male clothes for graduation? I would probably find a gender-neutral approach if I couldn't have female attire.