That amount per week is a bit less than my three children (at a strong public school) were assigned a dozen years ago and five years ago during first grade. Second grade graduated to 15-20 words but didn't take much longer because the kids were better skilled/efficient from their experience in first grade.
First, I think you should adopt the don't ask don't tell policy and disregard the reading aloud "homework" as I assume your DD already reads well. If she is a real rule follower, you can always make it up during the week-end. Keep in mind that some teachers don't consider it necessary to include the "reading" homework under the recommended homework limit.
As to the "written" homework, I think your best approach is to time your DD and then approach the teacher for modifications by explaining that it takes your DD too long. Teachers generally based assignments on how much time it would take the typical child in their classroom. For example, DS11 was very speedy so it took him less than ten minutes on average to do 1-2 math sheets plus one spelling assignment (pre-test, sentences or other exercises). DD11, who is more typical speed-wise, usually took 15-20 minutes on average. On the other hand, their older brother, who was 2E, easily averaged 30 minutes, mostly due to writing issues. If your DD has writing issues, there are ways to reduce her workload. If she can type, then have her type. If not, you can type her sentences for her. It will probably still save her a lot of time even if you have her copy sentences that you first transcribed for her, which is what I did with my oldest 2E.
