Yes, it is permissible for her to wear it, as long as the script of the Quran does not touch her skin if she does not have wudhu'. To avoid this, she can wear it on top of clothing, or keep the script to the front, or cover it with a thin transparent layer of nail-polish, or something like that, which can also be used as a protection for it as well.
Of course, she must also ensure that it stays away from any najasah.
Every obligatory Prayer is obligatory on you when you have Istehagha blood but you need to perform for it either one Wudhu for every Prayer if the quantity of blood is little which does not fill the pad, or add with one Ghusl before Fajr Prayer if the blood fills the pad but does not leak out of it (Medium Istihadha) or perform three Ghusls daily; one before Fajr Prayer, then one before Dhuhr Prayer then one before Maghrib Prayer, when the bleeding fills the pad and leak out if it (Big Istehadha).
There is no special Prayer named as Istihadha Prayer., but if you missed any Prayer during Istehadha, you need then to perform it as Qadha like any obligatory missed Prayer.
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