It's hard to be upset when a child wants to read so much, isn't it? But that's not a practical way to grow up.
I wouldn't consider moving him to a higher grade, not at all. He doesn't yet have the maturity or self control to manage the grade he's in, let alone a bunch of kids a year older. Just because a kid says he's bored doesn't mean that you automatically give him more challenging work.
If the initial punishments don't motivate him to self-correct to earn the privilege, he may need additional support services for developing the ability to focus and for understanding that education is not just about doing what he wants whenever he wants to.
I would stop giving him so many chances at home. He may be taking his sweet time because you just keep repeating the same behavior - he has no reason to do it the first time because you give him 2nd and 3rd and 8th chances. If he doesn't get his shoes on after you've interrupted him enough to make significant eye contact and give him instructions, then he pays the price: he doesn't get to go to soccer at all, and you don't enroll him in the next session or any other paid activity because it's a waste of money. When my kid didn't want to stop what he was doing to get ready for school, I told him we'd go when he was ready. And I reminded him of the school rule, which is to check in with the office before going to the class, at which point he could sit down with the Principal and explain to her in his own words why he didn't think it was important for him to be in school on time every day. That took care of it in our case. Keeping the whole family from getting to church is a problem, but you could try telling him that you are sure Pastor X or Father Y would be very interested in hearing his reasons for why it's okay to disturb the service by arriving during other people's worship time, and the clergy might have some ideas for him. But I would certainly take away the book he's reading at home, and everything else (Legos, games, whatever is important to him) until he learns to get ready when he's told. It's fine to give a 5 minute warning and a 2nd reminder, but that's it. Tel him what the deal is going to be from now on, make sure you're completely consistent and that your husband is too, and follow through.
If it doesn't work in your case and it's really beyond his control even if you are consistent every time, you may have something else going on. He might need to be evaluated for focus or attention issues, at which point a therapist could help you with specific strategies for his particular issue or disorder.
Your son is in 5th grade. Work is going to get much harder in 6th and 7th grade and beyond, and he cannot afford to fall behind by fooling around in class. Parents cannot be constantly reminding a child of that age to do what he's supposed to do and listen to the teacher.