Great advice, to ask and see what the school would provide.
You may wish to
beware of differentiated task demands as opposed to differentiated instruction.
This
old post may also be helpful for evaluating what the school is offering your gifted child.
Because the OP mentions pre-tests, here is an
old post which mentions several strategies for determining placement in a child's zone of proximal development (ZPD).
Because the OP mentions his/her child is less and less willing to take risks and make mistakes, this
old post mentions a possible relationship between perfectionism and fear of making mistakes... and includes a link to a thread containing a crowd-sourced list of books on developing resilience and overcoming perfectionism.