What an odd gifted program. It never fails to amaze me what schools come up with. Parents need to choose either math OR reading? What if a gifted kid excels at both? Then they are just out of luck with the other subject?
Anyway....I have two 2e kids, and have done some reading on this subject. The optimal situation for them is to be placed at a level that is on par with their cognitive abilities, and be given support and/or accommodations for whatever the weaknesses are. DD has slow processing speed, but no trouble understanding concepts, so it would make sense to reduce the number of problems she needs to do, for instance, and give her extra time for tests. DS is weak for writing so he needs to be given a break with unnecessary writing. Does he really need to explain in three sentences how he figured out that 8+7= 15? Give me a break. Some math curriculums seem worse than others with this. We also talked about him getting an AT eval to find out what technology might help with writing (like ipad apps), so that he CAN do things like math at an advanced level.
If your school fails in this regard, then I think you have some tough decisions to make, since you will not want him to struggle. Only you know if the math is unchallenging for him. If he is bringing home homework and never needs any help, for instance, he probably needs to move up to a higher level, regardless of whether he says he is bored or asks to be moved up.