SG - we are looking at an independent study program similar to what you described - district materials, meeting a couple hours a week with the teacher, monthly packets of work, science classes on site (foreign languages too, I believe.)
Several of my older son's friends went there, but for different reasons - brilliant kids who wanted to accelerate their way through some coursework, but also who were fleeing some social stuff (being picked on).
My D's biggest concern is missing out on all the social interactions of being in a regular school - and she is thinking she'd like to go to a regular HS next year - but preferably a new one where no one knows her. Her current high school has excellent teachers for the most part, but in her current state of mind, she's just not getting much out of it - she's too distracted, not paying attention in class because she's too wrapped up in everybody's dramas, feeling rebellious if she doesn't like a teacher. All this from my girl who was ALWAYS every teacher's favorite student!!!
Her antidepressant medication is already way higher than needed for depression, since the doses used for bulimia are way higher (she takes 70 mg. of Prozac, 20 is usual for treating depression, and 80 is the maximum allowable dose). I do agree, though, that there is a depressive flavor to all this, and need to get her back onto all her vitamins and fish oil capsules etc. If she goes with this IS option, we will also set up a regular exercise schedule - in fact, a very regular schedule altogether for work etc. It really needs to be non-negotiable from the start - ie math from 9 - 10, history from 10-11, etc. - because I cannot get into bargaining squabbles with her every day.
The big challenge will be helping her keep up a social life while steering her away from her current (very recently acquired) crop of friends.
