Help! Home schooling advice needed

My nine year old son is really struggling with anxiety about school and has effectively become a school 'refuser.'

He has always found school overwhelming both academically and socially but last year his difficulties became far more amplified.

He had daily meltdowns when returning home, in which toys and household items would get broken, and became more upset in the mornings to the point that he needed to take a number of mental health days towards the end of the year.

We hoped that the summer holidays would give him time to decompress but he complained of stomach pains and nausea throughout, as well as refusing to eat solid food for a couple of weeks.

Repeated medical exams have established that these are caused by anxiety and not a physical illness (thankfully), and He is now eating a very limited number of soft foods again albeit reluctantly.

Since the start of the new term he has refused to go in several times, and school agreed to a staggered time table to help ease him in as a result.

Doing half days didn't ease his anxiety at all and even doing one hour a day is making him worry all evening the night before as well as first thing each morning.

We applied to get him into a resource base in time for the start of year 5 but our local council refused to move him, claiming his needs can be met in mainstream school and We are going to tribunal but not until february. we have also referred him to the council's mental health team but again face a wait for confirmation of whether he meets the threshold for help let alone whether they can actually help.

He cannot continue to suffer until then. This needs resolving rapidly.

We want him to learn, he is very  bright although he is working well below the expected levels for his age as he has sensory and processing difficulties and dyspraxia - but we want him to be happier most of all.

We have looked into homeschooling and think it would probably make him a lot happier and healthier. It feels like a risk though as once he leaves formal schooling it will be even harder to get him back into formal education, even if a place at an appropriate school becomes available. 

I'm also concerned that he may not get any qualifications as I doubt he will be able to cope with the demands of exams, which may harm his employment chances - although this may be the case whether he remains at school or not.

What are your thoughts? Have you been home schooled or home schooled your own child. What are the pros and cons? I have thought a lot about this but I bet there are many things I have failed to consider. This is a big decision and We want to get it right.