How to make a "normal" grade work?
We have chosen not to skip, although have thought about it. First reason -- it wouldn't have helped academically. For a child reading at 5th and doing math at 3rd, what will 2nd grade offer? We had a massive mismatch and could see no benefit. With multiple year subject acceleration, we found the level was wrong again within 2-3 months, so that wasn't a long-term fix for us.
What we have done -- multiple years subject acceleration, tried a school program for PG kids, homeschooled for a few years, tried an HG magnet program, summer program supplements, etc. We've pursued lots of non-academic interests in sports, computer science (not usually taught til high school but available at any age for interested kids), math outside school, music, music composition, chess, etc.
We are conflicted about much of this. With a child capable of college level work at 10, where does the kid fit? It wasn't in college but it wasn't in elementary either. Sadly, skipping into middle school still would have been woefully inadequate. Some kids in that situation just love the possibility of doing work with professors and don't care much about social fit. I didn't have kids like that as mine love recess and their buddies and playing like kids.
It all depends on the kid and the local resources and your resources. What options are available for elementary/middle/high school/ or early college? Is there a state boarding high school? Does the kid develop interests in things that take a long time -- like hours of music practice daily to offset academic misfit? Does the kid love social time with same age friends or yearn for older friends?
We've also tried to avoid much acceleration to keep work short and free time long. This has ultimately failed with multiple AP courses in middle school which have lots of busy work that takes time, but early on, school work was truly easy and there was lots of free time to dream and self-teach freely.
I agree that there is no hurry. There may be options for meeting the need without changing the grade level. We've had tutors and independent projects and mentors who were college professors, etc. It's a lot of work, but so far, kids are happy.