Hi, I know I am late on this, but wanted to let you know that I had a baby just like you described. All but one of my kids have been spitters. One of them I put on medication, but she had other health issues as well and was having trouble gaining weight, so she needed all the calories I could give her. The best example for you would be my first daughter. She spit up all the time. She was exclusively breastfed for the first months, and she still spit up. After feeding she would also commonly throw up. My husband and I decided we felt she was getting too much milk. I have an extremely fast let down and produce a lot of milk. So our solution was to only allow her to nurse one side at a time. The throwing up stopped. If I ever fed her both sides, she would throw up again. I don't remember at what age I did allow her to go to both sides or if I even did.
Now, even though the throwing up stopped, the spitting up did not. Just like your baby, she was happy and healthy. It never seemed to bother her. She always smelled a little like spit up and her clothes often were stained yellow, but I gave up on changing her every time. I just changed her if she got really really wet. I would always have a burp cloth or blanket under her when she was on the floor or on anyone's shoulder. I carried tons of them in my diaper bag.
The good news is that it did not adversely affect her at all. She wasn't a large baby, but she is 7 now and is still small, so I think she is just naturally petite as the doctor says she is perfectly healthy. She developed right on track, actually ahead on most things, and is extremely smart. She also does not have any issues now that seem related to having reflux.
The bad news is that it did not go away as soon as people said it would. When she started solid foods, she still spit up, it was now just in a multitude of different colors. :) When she hit one year old, she still spit up, though probably less than she did before. It stopped sometime after one year, but I don't remember exactly when. We just got used to it and it stopped bothering anyone.
Anyway, I hope that helps you to know you are not alone. You might have the doctor do a reflux test before choosing medication as they can actually tell if she is refluxing or not. I don't think there would be anything wrong with putting her on medication if it helps, but I also don't think there is anything wrong with choosing not to if it is obviously not affecting her health. Talking with her doctor is a good first step.
M.