Yeah - DS took an old AMC10 and wants to take the next scheduled AMC10 in February.
Ultimately, as a parent, you are the best person to decide. Your DS has done a practice contest, so he should be aware of how hard it's going to be. If he really want to do it and you don't think he'll be discouraged by the difficulty, I'd let him try it. When I make recommendations to parents, I do consider the grade of the student's math class as opposed to their overall grade level, but we have very few accelerated students in our district.
By the way, the MAA has started to post
AMC 8 results. Only the distribution report and a list of students who've received perfect scores is available so far. They update nightly, so we should start seeing Achievement Role recipients soon. I often see some of our students there before I see the score report for all the students.