Thanks everyone. Im glad I posted - this was helpful.

We have a meeting scheduled with the teacher and the gifted specialist. I'm going to ask for accelerated placement during language arts and math instructional times. I'm also going to ask for permission to work ahead and for a decrease in the load of basic rote math worksheets - his beginning of grade testing indicated that he had already tested out of the grade level, so I'm hoping theres some flexibility there.
i know hes bored, but life can be boring. He still needs to learn to deal with others respectfully, so we'll work on that too.