I would, and I have. My 7 year old is very easy going, social and makes friends fast. He is also very tall for his age, so he will not stand out physically in a grade skipped class. For the most part, we have seen him thriving in an environment where there are peers who have abilities similar to him.

But, we have had 2 problems. One was when he easily surpassed some other older boys in his gifted group who had been in that program for 3 years (DS was a newbie). He was physically bullied because of that, his things taken from him etc. DS is very adept at self defense and he can face up to a moderate amount of bullying normally. But, being bullied by a bunch of older boys aggressively and unexpectedly was too much for him to handle and left him in tears. The matter got resolved very quickly as soon as the teachers found out about it. But, DS who is very Pollyannaish about all the students he interacts with got a rude wake up call.
The other problem is that the preteen boys in his class discuss a lot of topics that are very sexual in nature during breaks etc. This has mostly been beyond DS's comprehension so far, but we are expecting that he will begin to catch on to it soon. We don't know yet how to deal with this.