This is a really hard question, like everyone else has said it depends on the child. My DS7 (then 5) was in a school that was more than willing to do anything they could for him. He was radically accelerated 4 grade levels in the hopes that he would find some challenge. In spite of our best efforts, it just didn't work. He had challenges all right, social ones... 4th graders are a mean lot!
We finally decided that homeschooling was the best answer. I started homeschooling in the hopes that at some point he could return to school. The problem there is that he accelerated himself to where he is now 7+ years ahead of where he should be so it made finding a "fit" that much harder. The other issue is that he has quickly come to a point where I don't feel I can adequately teach him. He recently started a chemistry class on-line and I admit it, I'm lost!
In a strange twist, we did manage to find a program that he will start this fall as a part time student. It is a prep school that is attached to the local university and the principal seems sure that she can make it work. He will have access to college courses when he needs them. I hope so because i'm not sure what to do next if it doesn't.
In our case, the situation you described wouldn't have worked. My DS is WAY too demanding. But he is extreme. For others, afterschooling works really well. Maybe you could do afterschooling in a project based format. Like a science fair project complete with all the testing and research? Choose a subject that he is passionate about and really dig in.
The truth is that even in the land of gifted, they're all different and the only thing that w all seem to agree on i that following your "mommy gut" seems to work best.
