This is working well for DS8. He is currently accelerated two grades in math. The (private) school has actually shifted schedules a bit to also make a language arts/reading skip (taking class two grades up) work as of mid-year. Prior to the language arts skip, he was doing accelerated work in the main classroom. Suffice it to say that wasn't ideal. Too easy to become distracted OR a distraction...
As others have mentioned, the key is to have synchronized schedules across the school. If that's already in place, it really should be easy for them to manage. DS does miss a recess and doesn't approve of that, but so be it (he still has one).
He has friends in both grades but has asked (repeatedly) to remain with his age grade level at least part of the day.
We know he will run out of grades in three years in the accelerated subjects, but we will cross that bridge when we get to it, assuming we are still living here.
Oh -- I just remembered that the school had done this for another student (who is a few years older than DS). I think it really helps if the school knows it can be done! We ran into absolutely no resistance.