You've got a few choices:
I'm not sure how it is over in the States/what year you're in but in Australia last year (my last year of school) I managed like several hours most days, still going to bed around 11, and could dedicate more or less an entire weekend day to gaming, and still ended up with an OP (overall positioning) of 5, which I believe was in the top 15% or so of my state - tens of thousands of people.
It really depends on your academic ability and your chosen subjects - I did relatively difficult subjects but still managed fine
Like Ponty said, a lot of it comes down to academic ability and the difficulty of subjects. The best ways I found to get more playing time while I was at school was to do all homework the day it is set. If possible do it at school while eating lunch or when you have a free lesson. Another huge help is hand writing homework rather than typing it up. If you do it on the computer you will most likely procrastinate whereas writing by hand will get it done faster.
Well, I'm at school at quite a high level, but it's still under my own level. I did that on purpose. I don't really need anything higher, and because it's too easy for me, I don't have to learn and I finish all my homework at school since I'm done with the regular schoolwork early.
I still sleep very little though. But that isn't because of school.
I'd to laugh when I read your choices. This means that good marks lead to a double sure burn-out and no graduation. Good marks are killing. Either you die because of fatigue or you die because of boredom.
You probably know the saying: "All work and no play makes Jack (or Ponty) a dull boy", don't you.
Well I'm at University at the minute(start back properly next week) so I don't put in as much time in gaming as a whole as normal simply because of the workload. If I have a three hour lecture, followed by three or four hours of note writing and stuff, I don't have time to game properly.
I actually maintain a very good balance with school, Skyrim, sleep, and a social life.
Class 8-11 everyday (maintaining a 4.0), Skyrim 11-3 everyday, Out with Friends 3-7 everyday, School Work 7-11 everyday, and Sleep 11-6 everyday.
I find it quite easy to find time for it all, but I wish I could find more time to come on here.
I studied chemistry at college, just as much class and sometimes even more. That's why I dropped out, it was just too much and I hadn't got any time left for fun. College is fine, but they should really lower the amount of class for some sections, we had the most hours of class of everyone and it was unbearable.