Hi Lynn,
It's a really difficult situation. I sent my older child to a Band 1 Govt. school for P1 and P2. We were lucky to get her in there, and the headmistress was really wonderful. Compared to many schools it was not too bad. But, the system was still difficult ( weekly dictations in English and Chinese) and her homework left her with little time for free play. Even worse, it began to cause friction between DH and DD, because she was not as organized as he thought she should be, and he was the" homework parent". So, we switched to an ESF school.
I had a friend whose daughter also attended this school and was also having problems with the pressure and homework. She solved it by looking around for a local school that was not so high pressure. She found one, and her daughter is much happier now.
I have a neighbor who moved her kids to the GT School <http://www.gtschool.edu.hk/> in Tseung Kwan O. GT does have school fees (It's DSS) , but they are not as high as many international schools.
One of my colleagues sends her daughter to Logos <http://www.logosacademy.edu.hk/>. It's also DSS and my son did not get accepted, but you might have better luck.
There's also a new school in Diamond Hill, also DSS, but relatively cheap. It emphasizes music. It's called "The Hong Kong Insternational Institue of Music"
http://www.hkiim.edu.hk./. This was where we were going to send our younger child if he had not gotten into the ESF school.
So, I think that if you worry about pressure and unhappiness, try and look around for alternative schools and see what you can find. I have heard that some schools with smaller enrollments (less "famous") might be more open.
If you can read Chinese, you can also look through these school profiles and see what looks appealing.
http://embhsc.hkedcity.net/primary/
Another DSS (if you don't mind English medium) is PLK Camoes Tan Siu Lin Primary
http://www.plkctslps.edu.hk/dss.htm. A friend recommended it to me, her kids were very happy there. But, I was too late with the applications.
Try to visit different schools, and see the atmosphere.
Good luck!