Am I failing my child?

So is it wrong to want to take out a hit on a third grader? Probably. There's this kid picking on mine at school. My boy is big for his age, and would be able to handle himself in a situation with kids his own age, but unfortunately, this kid is 3 years his elder. My boy has skipped 2 grades and is in third grade, though he just turned 7. What I wanted to do after attempting to console my distraught son, was to go up to the school and scare the bully pants off the other kid. Or tell his brother to "take care of it." My wife said that is not the answer. So I defer. Instead, I went to the school to inform the teacher. While waiting to speak with her, the principal saw me and we chatted about the situation. She was great and started to put my mind at ease. She is very familiar with my son and the situation, except she is not on the front lines. The heat of the battle. When I spoke with my son's teacher, she gave me the whole, "boys will be boys" attitude. I wanted to shake her.

Someone is messing with my child. Those who do not have children will not understand the intensity of emotion this evokes. The teacher has a laissez-faire attitude about it. That's infuriating. What should I do? Call the hit? Wife said no. Call an outside hit with the "Godfather" of the third grade in exchange for 2 juice boxes and a box of cookies? I bet the wife would be against that as well. I don't want to get pounded myself so I listen to her. But, what am I to do?

Another problem is he has the ability to integrate a year's worth of curriculum in approximately four or five months. I've searched and searched for a better place to put him. We had decided on this charter school he is in now for smaller class size, as well as the strength of the curriculum. But it doesn't seem to be working. I cannot believe there are not schools in this area that can accommodate someone like my child. There are all sorts of schools for children who need more attention, ie those with ADHD, dyslexia, autism, and the like; there are no schools for those who need more help because they are far and away more intelligent than the average child. So what do I do? I feel like I am failing my boy....