I don't have any answers for you. As a homeschooler, I can see how it could help and how it could be difficult. Homeschooling can improve relationships and bonding because of the sheer time spent together, but it could be difficult if you end up in constant power struggles.
If I were to try homeschooling in this situation, I would try to focus more on fun learning than book learning as that has a greater chance of improved bonding and less chance of power struggles over getting the work done. At her age, you won't be missing anything really important or anything that can't be picked up in a very short time. I'd concentrate on field trips to fun and educational places; just have fun together in places that are "educational". I'd read good books with her. I'd do arts/crafts projects and kitchen science experiences. Cook and bake together. Really, anything that is fun, that you can do together.
If you want more structure, you can do this in a unit study style. Pick a topic. Hit the library and find a bunch of books on it. Do a craft project. Cook/bake something related. Visit a local museum, science center, or other place that's related. Read a fiction story that is related somehow and find a movie or play to go with the book you chose. Look for things to do to go with your topic even if it is a stretch.
Some ideas based on what we've done or will do eventually:
The BGF: read the book, see it as a play, make breakfast as described in the book, make a shadow box scene, act out a scene from the book, write/tell an alternate ending
Where the Red Fern Grows: read the book, learn about coonhounds and raccoons, watch a movie version, visit the zoo or dog park or animal shelter, make a diorama
Read any Magic Treehouse book: learn more about the history/science topic in the book, do a craft project (ie. make and paint a sugar cube pyramid for the Egyptian book), visit a museum with a related exhibit
