Some ideas:
Look up videos of Dr. Harvey Karp (Happiest Toddler on the Block) interacting with raging toddlers, and interviews with parents for whom his approach has made a positive difference. Here's one to get you started:
http://www.youtube.com/watch?v=fJ1428uYs2g&NR=1&f...
I think you're right that time-outs are not likely to work at her age. For some children, they never work. For others, they are a reasonable alternative to more punitive measures, but at any rate, most kids need to be 1.5 years or older before time-outs will start to make sense. And if they are the primary means of keeping a child under control, they will probably eventually backfire.
What you are doing is great, and because of your child's age, and corresponding lack of impulse control, you will be redirecting for the next two years or so. That's how long it takes kids many kids to get it, though if you are completely consistent, behaviors will begin to shift before then.
But even better than redirecting after she's frustrated, pay attention to the situations that will be most likely to trigger her anger, and present her with less frustrating alternatives. This takes attentive parenting, and sounds like a time-consuming drag, but really, you will both be happier and less stressed.
Look for ways to stop telling her no. Give her choices that will get a yes from her. For example, instead of telling her to leave the ___ alone, be sure it's simply kept out of her reach, and have an attractive toy (or better yet, a "big people" gadget in its place. This could be tupperware, a spoon and pan (for stirring or banging), a dead cell phone, etc. Instead of picking her up and taking her for her bath, tell her you have a ___ for her to play with, and she can have it when she's in her bath.
Help her identify her feelings, and give her alternative behaviors that are acceptable. Instead of telling her to stop hitting, get into a hit-that-pillow game with her. You can even help her verbalize, "I'm mad, mad, mad!" (ADDITION: Be sure to help her move away from the angry feelings during this process. Start giggles, silly comments, tickles, whatever it takes to help her learn how to shift into a happier mood. This is a wonderful life skill.)
Also, get your lives as unscheduled as possible so she has time to be a little kid. Teething is very, very hard for lots of children, and just as you have less patience when you have a pain in your head, so does she. Do your best to see that she's rested and not hungry, if these seem to be contributing to her moods.
All behavior is a strategy to get needs fulfilled. Little kids have very poor strategies, because they have very little life experience, and their lives are unbelievably frustrating when you look at it from their perspective. If you can remember that, you have a good chance of setting up your interactions with your daughter in a way you'll both find ever so much more positive.