Sounds like your daughter is looking for the right things in a friend, and the real problem is the rarity of those desirable traits in others. I also think that by looking for the right social traits and not getting hung up on intellectual ability, your DD is making a smart decision.

The only thing I'd be concerned with is if she's being a little too rigid in how she identifies the lack of morals, integrity, fairness, and diligence in others. Perfectionism run amok?