Interesting, I've never hear of this diagnosis but the way the pp describes her dd sounds just like what my dd13 experienced. She, too, was diagnosed with SPD and was extremely noise sensitive. We, too, homeschooled for a while in elementary and she had a 504 which allowed for seating away from things like the heater and pencil sharpener and a quiet environment for testing. My dd used to yell at her sister for breathing too loud!
We never tried any treatment for this but I can say that it has gotten much better as she's gotten older and, while she is still noise sensitive, she seems to have learned how to tune out distractions on her own over time. As a baby, she couldn't sleep with even the slightest noise. She was one of those stereotypical pin-drop wakes her up type of babies.