I parent differently, as does my DH.
We don't "punish" like normal people.
Things like tv, Wii, etc. are earned instead of a daily "right".
It would GREATLY depend on what the behavioral issues are at school, why it is happening and why it isn't stopping.
Is he being disrespectful? Is there a reason for it, even if it is one we don't understand?
Is he being a bully?
I would adress the what/why/how before I would "punish".
Removing his priveleges don't teach him what he is doing is wrong nor does it teach him how to do it.