Maybe 1/2" (or more?) polypropylene ine for the extra "floatability" and a red&white float tied in about 4' fom the collar? I'd think that would be enough to float the rope near the dog and the trailing part of the rope should easily be on the surface.
Polyp. rope is very inexpensive, so you could give her a lot more freedom but still retain control. It's not hard to do a proper eye splice with the hollow polypropylene rope either. Sometimes knots tied with the type rope don't stay tied as well as with other type rope.
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