Cricket has some great suggestions. We're in a similar situation and I think the answer for us is going to be to try to make the rest of the year tolerable and then homeschool.
This is exactly where I'm at. We have had DS7 skip a grade and more to a private school and finally it is ok. But I want his education to be more than just "ok." I think we are going to stick it out the rest of this year and then we will begin homeschooling. I have been reading the book Creative Home Schooling - A Resource Guide for Smart Families by Lisa Rivero. I have gotten a lot of great ideas to get us started. I highly recommend the book if you homeschool or are tossing around the idea.
I already see a regression/lack of excitement within my son after only 1.5 years in school and I just want to get that spark back in him. So, I guess homeschooling will be our next adventure... wish me luck! ;-)