Absolutely!! You and her father are doing her a great service by protecting her out on the road. Protecting her from herself really. Of course, she can be the best kid, but that doesn't take the place of experience, which teen drivers lack severly. I think if most parents were as proactive as you, a lot of teen deaths could be prevented.
You can go over the rules a million times (especially the 'no driving your friends around town 500MPH) and they will always be tempted to try it at least once. It's the freedom and we've all done it at one time or another. But God forbid they lose their life over it...case in point...
About a month ago my cousin (14) was in a car driven by her friend (16) that just gotten his license three days prior. (Although he wasn't supposed to be driving any of his friends, and she wasn't supposed to be in the car with him.) It was him and 2 other kids including my cousin. He dropped off my cousin and her friend at her house and 15 minutes later he was dead. Speeding and crashed his car into a telephone pole. His friend lived, barely. Not a car in sight, broad daylight, clear weather, and a straight road. He just lost control due to inexperience and as I could imagine, the freedom of being finally turned loose. It's VERY tragic and maybe your daughter needs some fear in her to help her make good decisions. I'm totally for the GPS and speed governor. Even the best kids can have lapse in judgements. Good luck.