I would say that you need to check it out and see how it seems. Beaubien has a new principal so really now matter what it was like in the past could change with the new admin.
Previous reports were that the neighborhood side were not stellar, but with new admin, that could change a lot.
I don't know for sure that having the gifted program at Coonley/Bell/South Loop makes the other classes better per se. It depends on the administration. I know Coonley and Bell have had strong principals. I don't know enough about South Loop to comment.
But the programs tend to attract education-minded parents to live in the neighborhood which probably helps test scores. In addition, you have siblings of gifted kids in the neighborhood program (so kids who are smart but didn't test in to the gifted side) so I imagine that helps neighborhood test scores too.

I'd tour and ask questions to see if the neighborhood side impresses you. And please report back!