An NVQ2 is the same level as a GCSE or other level 2 qualification, however it does not neccessarily mean it is the same as doing GCSE's.
An NVQ3 is the same level as A-Level's and BTEC National Diploma's.
Often NVQ's are Vocational Qualifications, designed to be used to develop/enhance your career, rather than being in lieu of qualifications that may be considered more academic. this is a good description of the types of qualifications they can do
It depends on what kind of career she is looking to do and if they consider this qualification acceptable for this the type of role.
A qualification like this is a level 3 qualification and is of the same level as A-Levels, however it won't be equivalent to a certain amount of them, as the assessment techniques are quite different. The hours of study for this course is 437-467 hours, over 2 years. An A-level is 360 hours over 2 years and an AS-Level is 180 hours over a year. Most A level students will hold 3 A-levels and 2 AS-levels in different subjects.
I must say that quite a few students on the C&G courses are usually employed in a relevant setting and often do it through the workplace. She may find that it's something she could do once she starts working in the relevant field.
Is she interested in just theatrical make-up? Would she look at Stage Management, including wardrobe, props, make-up, front of house, lighting, scenery etc? [[http://register.ofqual.gov.uk/Qualification/Details/500_7364_3 for example] this is a BTEC Level 3 in Production Arts. The Hours of Study are 720 and it provides more variety in what she would be learning. Hoping that mostly it's relevant to her and would provide her a good grounding in a career, it would provide information on aspects she may never have thought of and could be more appealing to employers.