If she were my child, depending upon how bad the cavities are, I would go for sedation - it is far less traumatic. You also have to look at your child's pain tolerance level. I had to have 8 teeth pulled when I was in the 3rd grade so that I could get braces. Having the teeth pulled out with only Novicane was one of the worst experiences of my life and I have never forgotten it! However, when I was a teenager and had to get my impacted wisdom teeth out, I was given a mild sedation and the experience wasn't unpleasant at all!
My own daughter was supposed to have teeth pulled when she was around this age because her baby teeth didn't come out like they were supposed to, so her permanent teeth were coming in wrong. We were not offered sedation and my daughter screamed so much that the dentist refused to work on her and kicked us out of her office. My daughter had to wait until she was an adult to get the teeth out, after her permanent teeth came in all crooked.
If you do decide not to go with sedation, be sure that you explain things to her first - like she will just feel a little prick like a pin or get some books from the library. (Mr. Rogers had a whole series of books on just about anything a kid could go through.) You can also show her your own fillings so she can see that it didn't hurt you to have them.