My experience suggests that this is generally a fine and well-tolerated means of offering appropriate enrichment in a way that doesn't feel to the child like "more work" but instead offers a way to relieve the drudgery or mind-numbing quality of below-level instruction.
However-- you knew there would be a catch, right?
However; the latter point is one to very carefully consider. If your school uses low-level assessment practices as a regular thing, you may REALLY be setting your kid up for conflict over those assessments on quite a regular basis. This obviously creates its own subsequent difficulties.
Let's just say that I have one of these teeshirts, and our biggest school problems all along have ALWAYS been about "reading too much into" poorly written assessment items in canned assessments.
Or worse, doing so and trying to self-advocate with a teacher who isn't entirely comfortable with the depth of material that the child has mastered.