Just a few points to hopefully add some additional value to this topic.
The drag coefficient is dependent not only on shape but also on a dimensionless number called the Reynolds number (among others) - the Reynolds number is a function of the fluid properties, velocity and characteristic dimension of the object.
For the majority of cases there are two main contributions to the drag of an object pressure drag and viscous drag. Viscous drag and fluid compressible effects only starts to become important at higher speeds, usually over Mach 0.3 (about the top speed of an F1 car on current race circuits), however for an efficient aerodynamic design this can rise to about 0.5-0.6.
Two computational approaches have developed in the field of Computational Fluid Dynamics (CFD) for solving these types of problems, the first, appropriate for inviscid problems is the Panel Method (more formally known as the Boundary Element Method, BEM) which solves a reduced form of the governing equations called the Euler Equations, and the second for viscous problems which solves the full Navier-Stokes equations.
Which approach you should “ideally” use is therefore dependent on what the problem is. The inviscid panel method is used by most Auto/F1 teams for the bulk of their aerodynamic calculations, however, viscous calculations are perfomed in conjunction with inviscid calcs in the aerospace industry.
However, for game development, solving the Navier-Stokes equations in game-time even on the fastest of PC’s available is not really possible as even the very simplest of 3D problems consisting of several hundred calculations points can take a noticeable amount of time to solve, if infact a solution is obtained. A typical industrial CFD problem would consist of several hundred thousand calculation points for accurate results. Also, baring in mind that the drag AND drag coefficient will change depending on what the object is currently doing and therefore will have to be updated frequently. Thats assuming the average game developer can code what is essentially one of the most complex software applications on the planet.
Performing game-time calculations using the Panel method would be feasible since the computational cost of such calculations is considerably reduced due to the simpler form of the equations used and the fact that the method only requires a 2D surface description of the object (your polygon model for example) as opposed to a 3D computational domain for the full equations. Again you just have to code it!