We haven't considered a grade skip - It took my son a long time to make friends, and he now has, and I don't want to disrupt that aspect of things - as it is very important to him. He would also miss out on music if he were skipped, because of the way it is set up, and I think would make it difficult for him to play in the band & orchestra. It's a much larger school (lots of K-4 schools going into one 5/6) and I'm hopeful there might be a few other kids with similar needs.

One related question that I still haven't resolved, but probably was at play during elementary school - we had a WPPSI test done when he was 4.5 at the end of preschool - he tested at the lower edge of the MG range (though I remember the psych saying he didn't complete part of the test and wasn't terribly cooperative), and so I've sort of been going on the assumption that, yes, he is bright . . .but . . .
I don't know - all these numbers are sort of meaningless until they're not. I know he's not like any of the other kids at his school - and all of his friends are smart, slightly weird kids. From an early age he has studied atlases and almanacs and textbooks. A few months ago he figured out "e" just using the calculator and the ln function button to as many decimal places as he could. He's exceptionally verbal, and reads well- though doesn't always understand/or just isn't interested in the social/emotional context of some of the books for older kids.