Ya, that 6 and 7 year old age group is interesting. Especially if they have intelligence! Do check out the posts over on the child behavior forum
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http://www.medhelp.org/forums/Child-Behavior/show/64
You will see that you are not the only person having this problem. I assume you are taking the guanfacine and not him?
Kids of his age really need constant, immediate feedback. The trouble with the fly swatter is that you don't want to use it all the time (I hope). Consequently, you let things kind of slide by and build up and then boom!
If you want his behavior to change you have to use something like timeouts that can be used immediately. You have to use them consistently. You have to recognize that it will take up to 3 weeks of consistent reinforcement for him to change that particular behavior. I highly suggest that you get the book, "SOS Help for Parents," by Lynn Clark. It will give you the detail for changing his behavior.
I am curious about his "hates homework" statement. Do you think he hates it because he would rather be doing something else? Or does he take a long time to get it done (because he is distracted)? If he has good grades, one would think he would zoom through his homework. Has his teacher mentioned any other problems besides "keeping hands to self"? Does he talk back to his teacher?
Hope some of this helps. With a bit more info, I might be able to help more. I think its worth your time to repost this same thing on the child behavior forum to see what the folks over there think. Best wishes.