With my aids, I can easily carry on a one-on-one conversation indoors. I can do ok in a small group if we're in a circle. In a classroom setting, I have a hard time hearing people behind me, so if someone asks a question I turn around to see who is talking. I was in Disney World a few weeks ago and heard nothing.
I was in speech therapy in elementary school and apparently speak just fine now. If I could have gone to a Deaf school, I probably would have jumped at the chance. She will learn English from you, from her friends, from TV, etc. She will not learn ASL on her own. In a hearing school she will always stand out because of her aids. However, I think she'd probably do just fine if they are willing to help her out with things that are difficult for her. I remember having an awful time in gym class, just could not hear what I was supposed to be doing with all those darn sneakers making noise. Until she's old enough to tell you what's not working for her, I would go to class a few days with her to try to see trouble spots.
Good luck!
This. This exactly. The world is NOT a soundbooth. We get SO many HOH as kids people saying that they wish they'd gotten exposure to the Deaf World and deaf ed. With ASL, and attending a Deaf School she will have a community and a POSTIVE identity about being dhh. Fitting in can be REALLY important. Instead of being The Girl with the Voice/Hearing Aids, she will just be a girl who is fluent in ASL, and attends a Deaf school, and has a strong powerful positive identity!
). I think you have also helped me strengthen my resolve to do my hardest to get her into FSDB instead of just settling with mainstreamed schools (at least until she is old enough to have a voice of her own in the matter). I think that by giving her both worlds it will make her stronger in many ways. 
