I don't know your situation beyond what you have described so I am overstepping a little.
That's okay; it doesn't feel intrusive. She is not only possibly HG, but also probably 2e. She has anxiety issues and likely ADD. She isn't doing well academically in the GT programming. She's not failing out, but her grades are wildly erratic and she is feeling stupid b/c she isn't doing as well as the majority of the other kids in the classes. She wants to drop out of the GT program b/c she feels stupid. Granted, she also felt stupid in the non-GT class b/c she was grouped with many kids who, in her mind, aren't very bright.
Our GT programs really are high achiever programs.
OK, this is familiar now. I have a DS9 who is similar and we have discussed it. His writing output is atrocious. He gets As and Bs, but I think the teachers actually cut him some slack because they see me as a potential trouble maker. It's not hard for me to deal with because I am pretty sure he has a different option for next year. Also, my son really doesn't care too much about how he is perceived and seems to rather enjoy busy work. So similar situation in some ways, but w/o the difficulties.
If you do decide in the end to keep her where she is, I really like Grinity's idea of hiring a tutor to help with the difficulties at the current school. Maybe you could even get a teacher to do it so you could get the inside track on what's due when and what the expectations are. Ten is a tough age because there is so much variation in what kids are capable of organizationally. Maybe if you can prop her up artificially for a few years and engineer a few successes to build up her confidence, the quality of her mind will eventually speak for itself.
Every Tuesday my son has to use 15 of his spelling words in a story and he gets one night to write it. He is simply not capable of doing this in under several hours and the kids also have piano on Tuesday. So every week he dictates it to me while I type and I give him very liberal "help". I justify it by thinking of all the additional academic type work he does on his own. I figure net-net he's doing way more than the other kids. He's just not doing what his teacher has assigned.