My son was on an IEP as a safety precaution but only received speech and OT. He never needed special ed. He is now on the 504 plan
gifted is tricky, but so many others have children that are as well as adhd and with learning disability. It really is a tough one. I would keep an eye on this!! Boredom can be part of the problem!! these guys are so far advanced!!
I think his whole outlook sounds really mature for his age!! 
If the medication seems to be working then I would give it some more time. A lot of times it takes a week or two for the the body to get used to the medicine and go back to a more normal sleep pattern. If it doesn't get better then you could try Melatonin. My son's psychiatrist has him on it. You can get it over the counter and give it to him right before bed. It makes my son drowsy and able to calm down at bedtime.
If it still doesn't work then Tenex/guanfacine may be another option. Docs ususally prescribe it to counteract the annoying side effects of the stimulants (like the sleep issues). Usually the pediatricians don't deal with it though so you'd have to see a specialist like a psychiatrist if you don't already.
Hang in there and stay in close contact with your doc. It sounds like this can be worked out fairly easily if the stimulants are working overall except for the sleeping. Keep on this site and read as much as you can. There is sooooooo much good information on here that can help. Good luck! 
My oldest son who is 7 1/2 was diagnosed with ADHD about a month and a half ago so this is all really new to me. We started out on Concerta which worked in terms of focus but made my son into a really angry little boy. We switched to Metadate CD, 10mg. That worked in the morning but completely wore off after lunch. We raised the dose to 20mg a week and a half ago but now he has trouble sleeping. His focus seems to be good, he's moderately moody which can be dealt with but the poor kid cannot get to sleep until 9pm-10pm at night or after. This is a child that is used to being asleep by 8pm. I've taken away anything with sugar after 5pm, I have an air purifier and fan in his room to create "white noise" so he hears nothing from outside the house and I've been turning the lights out and sitting in my own room reading so I'm not making any noise that might keep him awake. Does anyone think he may get used to the medication if I give it a little longer or are we probably looking at another medication switch? I hate to switch it because it seems to be working except for the fact that he can't fall asleep. He does lose a little focus in the afternoons at school but the teacher thinks, as do I, it's because he's tired. Any suggestions would be much appreciated. I'm kind of in this by myself except for the teachers at school. They're amazing but I'm a single mom so I really have anyone to discuss this with. Thanks!
Have you thought of trying guanfacine? It totally relaxes my son during the day - helps him with impusiveness. He is only on 1 mg and his meds are usually out of his system by the time he goes to bed, so he crashes. This med helps to relax them
Thank you. I'll look into that and speak to our doctor. This is all so new to me. It's difficult to find solutions when I do't even know what my options are. Thanks again!Please let us know if we can help. I remember the begining of trying to get things just right. As if it was yesterday!! it is actually 5 yrs since we began. I will. I'm REALLY thankful to have found this site and forum! I've really had no one to talk to who's been through this before. In preschool the teachers said he had "delayed development." I disagreed but went along because it got him into Special Ed at school until the end of first grade. I also have had him in tutoring since he was 4 years old of some type or the other. He was doing ok, kind of just getting by. Then after entering 2nd grade no longer qualified for Special Ed under "delayed development" so the Special Ed was cut off. His self esteem plumeted! He really felt he couldn't work hard enough and wasn't smart enough be in the 2nd grade. So, off to the doctor we went. I pretty much agreed to medication because my son wanted it. When I told him we were going to ask our doctor for some help with his school work his reply was "That's good mom because I need to learn how to be a better worker." That was enough for me! Since being on the medication he's become so much more self confident. For the first time ever yesterday he came home saying he'd had so much fun at school he wasn't ready to come home yet! Now, if we could just get him some sleep things would be good and maybe I could stop being worried for just 1 day.I am happy to be of any help. I was alone, hadn't found these boards back then. So I know the feeling all alone and so sensitive to all of this.
Why can't the school re-evaluate him, if you feel necessary? Or are things better with the meds? My son is on a 504 and receiving speech. He is 12 now but needs it. He doesn't want it but knows he needs it.
I think your son sounds gifted with his acknowledging all that is going on and wanting help! What a great child!!
In the evenings, perhaps give Tenex a try. With the right dosage, it should calm him down to the point where he CAN sleep, rather than a dose so high that it MAKES him sleep. With the latter kind of dose, It will make him tired well into the next day, and very difficult to even get out of bed. Also, giving it one more week or two to see if he just adjusts to the meds on his own is also very good advice, and is well within the realm of possibility, although im sure sure watching you're child have that much trouble getting to sleep and feeling the effects of it is very difficult. But sometimes you just have to sit back and wait. Good luck :)My son also uses Melatonin to help him fall asleep. He just can't settle down. He had trouble with it before the ADHD meds and had even more trouble after we started them. We tried to wean him off it after we got into a better sleeping pattern but it's never worked. If we skip the Melatonin he's up till midnight. He just can't settle in for the night. Our developmental pediatrican reccomened it. You can buy it over the counter in the drug store. We started with half a tablet but quickly realized he needed a full tablet. Our bodies naturally produce Melatonin in the late afternoon/evening to get us ready for nighttime, some people just don't produce enough.