My oldest daughter is the exact same age (turning 5 this July) and just over the 40" height requirement for many rides and this is how she rates things...
Disneyland favorites:
Mad Tea Party
Dumbo
Peter Pan
Storybook Land Canal Boats
Jungle Cruise
Buzz Lightyear
Splash Mountain (her absolute favorite)
Only when she's feeling brave:
Big Thunder Mountain Railroad
Went once and won't go again (but that doesn't mean your daughter won't love them!):
Matterhorn
Haunted Mansion
Pirates of the Caribbean
Snow White's Scary Adventures
Obviously, she's more afraid of content than drops, jerkiness, or speed.
Don't miss the Parade of Dreams or the fireworks. And if she shows any fear on the rides my daughter won't ride again, she might be afraid of Fantasmic as well.
I don't know if you'll be going to DCA, but if so, my daughter's favorites there are Soarin' Over California and Jumpin' Jellyfish. She would ride the jellyfish ride all day long if we let her.
Oh, and your daughter will LOVE Ariel's Grotto! We got the very first lunch seating of the day when we went to this meal last year, and that worked out really well. The princesses came out one at a time and had plenty of time to spend with us because they knew everyone had just arrived and that they had plenty of time to make the rounds. And depending on how long you'll be at DL, I recommend doing Ariel's Grotto within the first couple of days. That way your daughter will have seen all the princesses and won't be asking about them or needing to stand in line to meet them during the rest of the trip!
Hope that helps!