Since this is your DD's idea, I don't see why it won't work. One problem with this is the motivation. Sounds like her idea is to take the same tests as the other kids right? And probably all the same homework? It would really be a shame for her to have to miss band &/or Spanish.

We haven't done independent study for math. Although my DH did it when he was in junior high school with a college age tutor, quickly working though all of H.S. math. Can you show the school outside testing? You really might have to mention that she is a 99.9% kid. Can you get her algebra or geometry teacher to back you up?