Thanks for all your thoughts everyone - after much thought, my DH and I have decided to wait on the K skip for a couple of reasons:

1. I talked to some of the local school staff, and they STRONGLY discourage it based on late spring b-day, not reading well yet, and being "untested" in a formal school setting. Basically, they aren't willing to allow early 1st grade entrance based only on a set of test scores, no matter how good they are. I got the standard, "Many of our students perform well in the primary years due to enriched preschool experiences - they tend to all even out by 3rd grade." I know we could fight this, but I don't feel strongly enough that it's the right thing to take on that battle.

2. Apparently, it's become quite a trend in our district for parents of children with spring/summer b-days to hold them out of kindergarten for a year so they'll be "ahead" in both academics and sports as they get older. This would mean that DD4 would actually be in class with a lot of kids who are 2 or more years older (rather than just one). This just seems like too big an age difference for us at this point.

So anyway, I really appreciate all of the advice - currently, we're going to try to decide between sending both girls to Montessori or taking them with me where I'll be teaching gifted elementary. If I do end up taking this new position, I'll probably be asking for a lot of creative classroom advice, as I'll really be a middle school science teacher disguised as an elementary teacher! :-)