I'm with dreamer, if the kid can't control his actions then punishment isn't going to help, it will only make things worse. Natural consequences - now that's different. "You got angry and ripped the library book, now you have to pay to replace it." But we should never be in the position of "doing things to" our child. They will resent it because they see us as in control of the punishment, rather than circumstances and consequences in control.
He's a bright kid, frustrated with a school who clearly doesn't want to understand. I could shake them, sometimes! Schools like this make me so angry!
He needs you to support him and guide him. Yes, he's going to rage at you sometimes, but a lot of the time it's because he's frustrated and he has to tell SOMEBODY. Don't punish him for communicating this with you. Only punish for things you know he can control, and could have controlled. Otherwise the punishment will lead to more behaviour problems, more punishment, more problems and so on into a downward spiral. Instead, show him you can ignore the occasional dropping of his bundle, to help him learn by your example and your understanding that there is a better way.
But with the school so unsupportive, you have a big job on your hands.
Marg