If you do it (and every reason you should if she wants to learn), I would be very careful how you do. There have been lots of changes recently in teaching children to read as all the research has shown that current ways can be damaging some children, particularly boys, in the long term.
I have read up about it a lot recently as i have a dd and ds at school (Yr 1 and YR) and the latest advice is that children's attention should be focused on decoding words rather than the use of unreliable strategies such as looking at the illustrations, rereading the sentence, saying the first sound, or guessing what might "fit".
Hence keywords shoudl be learnt phonically and only the tricky ones 'tweaked'.
In my experience Jolly phonics really works - dd had it a year ago at just 4 and now reads all sorts including Enid Blyton, milly Molly Mandy, Dick King Smith etc( I cannot stop her - she puts her light on after bedtime and carries on !!!). Ds too, taught himself from watching what we did with dd and he was only 3. It has not caused any problems with their teachers as they soon picked up what they were capable of and have given them appropriate books.
If you are doing JP try and get some 'decodable' books which practice the sounds thay have learnt, the JP ones are good (usually available at good value on ebay), as are Jelly and Bean.