I think she absolutely has the right to sue Pipedream. It's her likeness. She's not a porn star (though she acts like one) and she should have explicit control over the products produced that affect her career.
You don't see them making Carrie Underwood dolls or Lady Gaga dolls...they're totally slamming on her character and I'd be just as pissed.
Does Pipedream have the right to make the product? Yes. Do they have the right to use her likeness without her consent? No. (It doesn't even look like her, the doll is waay prettier.)
I guarantee if you were famous and heading in a specific direction if a product was being produced and you weren't getting a cut, you'd be pissed too.