What do you think about me telling her that I wanted no part of it.
Why would you want no part of it?
It's the same shit but different day, nothing changes.
It is okay to trust your instincts. If you think what she is proposing is wrong, you are right to stay out of it.
I don't want to hurt my friends' feelings, they are easily offended by things.
Talking to your friend about how you feel will help your friend to understand your prespective.  It's good to be assertive and stand up for what you believe in.