Miraca Gross gives some good examples of how parents have made schooling work for very gifted children (book titled Exceptionally Gifted Children, I think). I think it is possible with a lot of tinkering. And, as we've said before, some children are just very adaptable and can make almost any situation work. I don't think I would give up on schools just yet.
It has been some time since I read the book and I could be wrong but I came away with a different impression. My recollection was that the PG kids in the book demonstrated that generally radical acceleration and multiple grade skips were necessary. The kids who didn't get this often had pretty significant social and emotional problems.