I, quite literally, feel your pain. I'm a shortarse (5'6") with short legs and I'm finding that bike sizing isn't easy.
I'm currently struggling on a 52cm
Ribble CGR that's a bit too big for me. My conkers are lightly in contact with the top tube unless I dismount with the bike at a slight angle. What I didn't expect is that this isn't the hassle I thought it would be. My main problem is the reach as the CGR has a reasonably long top tube. Even with a short-ish stem (90mm), I'm getting a lot of arm pain from locked elbows.
Luckily the bike is only on loan (from my brother) and so I'm drawing up a little list of possible, smaller bikes, including the CGR in 49cm. Unfortunately I won't be able to afford the 105 groupset and hydraulic brakes but I suppose a better fitting bike with slightly lower-spec components (Tiagra, mechanical disks) is the way to go.
No need. As a fellow short person, I designed the following Noddy Holder (you're almost certainly too young to know who he was) signature bike shoes. No word back from the manufacturers (or Noddy) yet but once the whole 70's cycling revival gets going I can see great demand for these:
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