MB - I'm presuming you meant 'look, say, cover, WRITE, check' (not right! You sound like a really lovely teacher btw, and your pupils are really lucky to have you looking out for them!
I think there are a few issues going on with this. Firstly, the majority of posts on MN, and the majority of so called 'gifted' children are actually about 'bright' children. ie children who are at the more able end of the spectrum, will do well academically, and will benefit from a bit of further stretching. These probably aren't children who have problems stemming from their brightness.
Secondly, there are some posts about the 'ultra-bright' child - ie the ones who really are outside the 'normal' attainment ranges. They probably do need an IEP at least, and I guess might get bored in class if not given appropriate work. On the other hand, learning to listen while others are spoken to is a good life skill I think, and as long as they are being stimulated appropriately, I think it's inevitable that they will for some of the time be a bit 'bored'.
Thirdly, there are posts which equate a 'bright' or a 'gifted' child to a child with SENs or SNs. This is where I fundamentally disagree. In an ideal world every child would have their education tailored exactly to them, 1:1 when they needed it etc etc. But if it comes to a choice between doing some advanced mathematics with a Y3/4 child, or helping another child to learn a couple of reception keywords, then I know where my priority would be - the reason is because something like reading is a BASIC skill that it is very hard to cope without (imagine how many times a day you have to use reading skills to fill in a form, check what's on TV, find directions). Whereas there is time to do advanced mathematics later, or the child can start having a go themselves. The two are just not equatable.
Thinking back to my own primary school days, I can think of a few interesting examples of pupils who may or may not have been on the G&T register. One friend would have been, and what HE was interested in was film-making. So he used his spare time (and 'bored' time in class) thinking about making films, and at home he experimented with a video camera. Made his first film in primary school, which was shown to the whole school, and he is now a very up-coming film director.
Thinking about myself - I was (without wishing to sound horribly arrogant) definitely unusually good at music, and bright, but not brilliant academically. So I found class work easy, but wasn't light years ahead iyswim - probably 4 or 5 of us about the same - so 'bright not gifted'. But I spent all my spare time doing music. In break times I would coerce people into coming into the library where there was a piano and would do 'choir practices'. And my 'choir' performed at the school concert. And like my film director friend, I just carried on doing this, and now am professional musician, who spends a lot of time taking and playing for choir practices!
Sorry for the long post - I guess what I'm saying is that the needs of 'gifted' children don't always need to be met in class, because often it is even better if they do it themselves. Whereas for a child with SNs, it must be teacher support.