I homeschooled my son when he dropped out of high school. That went fine, but it was really the best solution for a bad situation. The best thing he did (at that point) was get a full-time job.
I wonder sometimes if homeschooling can be a control tactic. Is public school SO bad that we have to keep our kids away from the masses? It's not easy. You have to be diligent, focused; you have to have a curriculum, a plan. You can't just get up and say, let's make eggs and talk about converting measurements today. You can, but I just feel that being the ONLY teacher in a kid's life can be problematic. They only get to see one set of strengths and weaknesses. Only see a narrow POV.
I did it because my son simply didn't fit in to the public school system, so I totally agree that school is not for everyone. But if I hadn't truly felt that school was doing him HARM I wouldn't have approved his dropping out. I ordered a curriculum through the mail (internet was not widespread at that time), and I did add my own twist on it to reflect what I felt he needed to know, but it wasn't easy.
Long story short, he thrived at the full-time job he took after dropping out. He became a golf pro. He then decided to go back to school, so he got his GED, went to community college, transferred to a state university, was the valedictorian at his commencement, and is now in law school. Sounds great and of course I am so proud of him--but he told us at Christmas that a lot of his drive comes from the feeling of having to prove himself.
Really examine your motives and don't do it unless you are sure it's the best thing for your particular child. Just MHO.