Haven't we already been told by Chabon that V'Draysh is the slang term for the Federation in the 32C? FEDeRATion
I had assumed that "V'Draysh" was just a syncope of "Federation", which might have evolved as follows:
Federation
Federayshun
Vederayshun
V'drayshun
V'draysh
Other linguistic changes transformed "the common tongue" into the pidgin that Zareh and his goons were speaking, i.e. "There are greater spoils to be had" transforming into "Izee bigger freeups to be getting".
Yes, I'd assume that V'Draysh refers to a remnant of the Federation and there is a linguist connection.
What is that remnant like? What I'm saying is that I expect there to be some sort of twist when it's revealed. I don't know what that twist will be for sure. I mention one interesting possibility. At the very least, I wouldn't be surprise if the V'Draysh is an antagonist in some form.