Ugh! This is hard, I know. FWIW, if you don't have a specific indication that this teacher is a problem for YOUR child, I would wait and see on the teacher issue and fight hard on the 504. Teacher reputations are so very subjective. Sometimes tough teachers are really great with g kids because they have high standards and reward performance. Sometimes an "inflexible" (by reputation) teacher actually just doesn't tolerate bad behavior. My kids as a general rule flourished with buttoned-up teachers with high expectations and structure. We had a nightmare with superficially "warm" teachers who were disorganized, stressed out, and so on.
No parent ever tells another parent, "You know, my kid is spoiled, hard to handle, and unmotivated, and I as a parent feel entitled to the royal treatment. Teacher X really didn't appreciate the kid's precious spoiled behavior or my helicopter interventions to save him from natural consequences. Oh, and during our five-week trip to Tahiti during the school year, the teacher insisted dc actually do some homework!" Instead, the parent will say, "Oh, Teacher X is terrible. We had a horrible year. Teacher X is inflexible."
Of course, inflexible could really mean inflexible too, unwilling to differentiate, unwilling to admit that the gifted exist (yes, they're ALL equally special!!). My point is just that, absent good information, the best assumption is that all the teachers are average on all traits, good and bad.
So unless you have true inside info about the other possibilities (like, your child had that teacher last year and s/he's moved up with the grade), you're flying blind. You could waste a lot of capital with the school and end up no better off or even worse off.
The 504, by contrast, is (relatively) objective. The teacher, whoever he/she is, MUST follow it by law, and there are personnel in the school who will make it happen if you are prepared to monitor the situation. So if he is entitled to extra time, use of a computer, whatever, they HAVE to do that.
The irony is that, in the end, a wonderful teacher is far more valuable. A wonderful teacher, and my kids had some, will value that child and stretch her to what she can do. But given a non-wonderful teacher, the 504 is more valuable. Personally, I plan on the downside! :-)
Hope this helps a bit! If only to know you're not alone. :-)