We have done "after-schooling" for 3-4 years now. One page of math workbook, one page of phonics or vocab, flip through some spelling and vocab words. Probably 20 minutes of homework a day. Both of my kids, at least through third grade, have had like zero to 5 minutes of daily "real" school homework, so that was never a problem.
Both my kids are 2 grade levels ahead in math and reading, due to this. My fourth grade is in our full-time gifted program, which works a grade level above. He finally occasionally has homework. What we are seeing is that it's no problem for him, since he has always had mommy homework, but many of the other kids have problems doing it.
So you can do just a little bit of daily after-schooling and see huge pay-offs. And your child still will have alot of play time leftover.