I'm not one of the experts here, but if she's socially comfortable with the age of the grade she was skipped to, I wouldn't reverse that. Worry about high school when the time comes. She's just finished a year of 4th grade work. Is it so bad you would want her to repeat two years of academics? Everything she's had in school?
It sounds to me like the motivation is the issue, not the work. Does she have major academic gaps from doing poorly, or is it the work habits alone that she needs to develop?
I did very poorly in my GT school because I had no understanding of time management and no urge to please adults. Putting me back in a Regular classroom would have been the end of all hope for me - I would have completely shut down. I don't know where I would have scored on a modern test but I got an award for the highest score on their screening test in the history of the district - very high, like your dd. So I have some unresolved issues here and I apologize for that, but I am sure that sticking with the most challenge my parents could find for me was the right choice for me, even though I got D's. Also - I loved having my class where I was normal so much that I would never have jeapordized that by trying hard...

Have you tried challenging her with her creative work? Painting classes with much older kids, etc? What makes her 'spark'?