I don't think you can override that unless you also subclass the control. But there's a very easy solution.
Code:
Option Explicit
Dim m_DragX As Single
Dim m_Dragging As Boolean
Private Sub picDraw_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
If Button = vbLeftButton Then
m_Dragging = True
m_DragX = X
End If
End Sub
Private Sub picDraw_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
If m_Dragging Then picDraw.Left = (picDraw.Left - m_DragX) + X
End Sub
Private Sub picDraw_MouseUp(Button As Integer, Shift As Integer, X As Single, Y As Single)
m_Dragging = False
End Sub