We also have a five-year old and have an older child. I can't speak to whether those options make sense, but I will say that at that age, our children have enjoyed "non-gifted" activities. These have included day camps and Saturday programs at our local museums, inventors' clubs (at same museums), introduce your child to engineering hands-on events, art camps, etc.
Chess has been another great activity that is developmentally very good for all children, but seems to be especially well suited to many gifted kids.
