Beware of short (15 or 20 min type) screening IQ tests given by a developmental pediatrician in a hurry. DS's score in the pediatrician's office on a brief screening IQ test was fully 25 percentile points lower than his subsequent wisc score.
On the school situation, until you get more information and figure out how to proceed can you keep him home some mornings or pick up early for a while, throw in a full day off here and there. Ask the school how their attendance is recorded (for example a school may count present by 10:30 in the morning as full attendance) and minimize the impact on his attendance. A pediatrician or psychologist can also write a note to excuse a longer absence. You may get a standard form letter home from the school at some point about tardies or absences but usually the principal and teacher don't begrudge "recharge" hours or days if the parent handles it in a way that doesn't hurt the school's funding.