I should mention he was tested for the gifted pullout program last year in K but did not get in based on his CogAT scores which were in the low 120s with 132 being the requirement.
Don't be intimidated by this, it's very common for Highly Gifted kids to score well below their ability on CogAT.
His testing was done by a psychologist with over 30 years of experience testing gifted children (she was actually recommended on this site) and my son had a great experience with her.
That's great news - really excellent to have a tester who is experienced with gifted kids. Glad he had a great time. My son did too.
The psychologist recommended placing my son in a gifted magnet school at a neighboring district that offers self contained classes for highly gifted children. This would require that we move to be able to attend this school. Besides the fact we would need to move,
Are you renting now or do you own? Have you spoken to the neighboring district? Better yet, would the Psychologist be willing to call and ask on your behalf?
the minimum FSIQ required for admittance is 140
No one wants their child to be the weakest kid in any grouping. The funny thing about the bell curve is that when one is dealing with the tail, anyplace where a cut off is drawn, two thirds of kids will fall right up against that cut off. So you son will be in the vast majority.
and though my son meets that requirement I am concerned that his VCI is his lowest score and I have heard that score most highly correlates with academic achievement
That is true, but with you child's strong verbal and very strong scores in the other areas my gut says he will fit in well. If his verbal was 'truly low' say 115 or less, then I would be more cautious.
and I wonder if he would really be a good fit for this type of school or would most of the children be working at a higher level if that makes sense?
It makes sense, but since the numbers look and the tester feels he's a fit, I think it's a good possibility. Good and observe the classrooms and see what kind of work the kids are doing. What books are on the classroom library shelf? In general I don't like the idea of moving long distances for a school, but if it isn't too disruptive to your life, it sounds better than a gradeskip, which is what you would need locally to keep his challenged and developing good work ethic.
pullout program of only a couple hours per week. The tester said that would not be enough for him and I tend to agree. I think he needs quite a bit of differentiation or acceleration and needs to work at a faster pace if that is possible.
I agree three. Differentiation is fine if your child is within a short distance of the rest of the children, otherwise it tends to rely on having a 'superstar' teacher. That happens once in a while, but hard to rely on.
Good luck, Glad you found us! Welcome.
Love and More Love
Grinity