I have done twice that distance and do not regret it a bit. DS had a fantastic education, the school provided him with a very good basis for learning and we are still seeing the good effects of that, years after he moved to state school.
I spent about 3 hours in the car a day which seems a lot but I still miss them, as DS and me had 45 minutes twice a day of uninterrupted conversation. I am still convinced that the good communication we have always had was owed to that time spent in the car.
Obviously, there were 45 minutes twice a day when I was alone in the car, but again, I do miss them. I am raising DS single handedly, work full time and especially in the early years, having those 45 minutes when I couldn't do chores and nobody needed me for ANYTHING, was heaven.
The great school's after school club was more expensive than the one from the school he eventually moved into, but, they had a lot of classes and activities while in the new one... well, they had activities but it wasn't anything exciting or particularly educative. I guess that you get what you pay for (in most occasions, I suppose)
I would say however, that if you are going to struggle dealing with the cost of the commute or more expensive childcare, it may be better to send her to the second best school to ensure she has some continuity.