You are the only person who can watch your child's response while teaching. I would suggest a curricula that has hands on homeschool, but if your child's reading level can be advanced them by all means concentrate on that. I have a 3 year old and he's is in the same boat. If your child has passed up kindergarten like mine has then proceed slowly, on a time limit, and watch your child during this time, if things are to hard or frustrating then back off. Give the child time to play, some call it play school, remember if the child has not accomplished the life skills suggested for the age then that is where also to begin. Homeschooling isn't just about academic levels but also life skills, and interacting in with his/her surroundings as well.
There are curriculums out there that test your child to see what level they are actually on with a simple eveluation test to get started into the curricula, such as ACE ministries, or switched on schoolhouse, they have tests to see what level your child is at, just remember to choose I would say first grade level.
You can purchase a first grade curricula that is if the life skills is as advanced as the academic level and modify the content, (that means crop it to fit the time limit) create a worksheet or lapbooks, or some hands on activity that was presented to the child in the past. Don't be afraid to repeat activities from one year to the next, just make it more advanced then before. Take the first grade curricula and rearrange, omit, and repeat from the previous year.
I specialize in modifing content and once you get the hang of it you can take a 3rd grade curricula and modify it to fit a preschooler, i do all the time. And you can save the older curricula for when the child reaches that level as well.
I have some children who may be in 2nd grade but have a reading level of a preschooler, and a math level of a 3rd grader and a science level of a 5th grader. So we concentrate on one subject at a time, the weakest and then go from there to move the child up to his/her highest level.
Remember not to advance your child to high to fast, they may get bored with homeschooling and you may have a hard time finding curricula that advanced, however i do have a homeschooler that is graduating at the age of 15? and remember to stay within the state laws as well. Some states will not allow your child to legally graduate until 16-18.
There are tons of curricula out there that can fit your needs. If you want to create a free homeschooling curriculum via internet based then PM me and I can help you with that. We offer a Link Homeschool Curricula at our co-op so I have schedules already set up. let me know if I can help you.
here is what I would love to get for my co-op
http://www.handsonhomeschooling.com/ 
Digg
