I actually did this past weekend to my DS6 (almost 7).
He did get it.
He said to me, "Phonics is so boring , I mean come on we are just learning about exclamation marks"
I told him I am sorry, that we are trying really hard to help you. I told him that he will start CWPost soon in the Spring and we hope that he will be challenged there. He was over the moon. I hope that works out, that is my last option.
We just skipped him a grade and it is not enough.