Heres some good info and treatment that may or may not work for ya.
http://selfhelpdogtraining.com/wordpress/?p=153
http://selfhelpdogtraining.com/wordpress/?p=153
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Wishing the best with your home treatment for your pretty doggie.
Personally I would take her in and get it checked out, especially if your vet's advice is based on the photo you posted here. Maybe it's just the picture, but your girl's thing seems to be in the lateral corner, not the medial (the corner closest to the center of her face). It certainly looks similar to cherry eye, but I've never seen cherry eye in the lateral corner, it's always been the medial corner in the cases that I've seen personally. If you try the things your vet suggested and it doesn't get any better in the next day or day and a half, I'd book an appointment as soon as possible just in case.
My first female Maremma had a similar growth in her eye.
After spending a little over a thousand dollars, it was diagnosed as a rare form of cancer.
They tried to remove the tumor but couldnt get it all
They wanted $2500 to remove the eye and $8000 to do radiation every other day for a month, but I decided not to put her through all that
The dog died about 6 weeks later