I'm 5'3" - not exactly sure of my inseam, but petite pants are usually a tad short for me while misses (except very low rise) are unwearably long/tall. 
I run 165s. I tend toward patellofemoral dysfunction anyhow, and back in the day I had a couple of nasty exacerbations brought on by 170mm cranks (although I learned to stretch my knees before every ride, and that helped a lot). When I built up my race bike I put on 165s, and wow, what a difference both in comfort and in the ability to spin at high cadence.
A couple of years ago when I first returned to road biking I demo'ed a bike with 167.5mm cranks. Although I only got about 150 miles on that bike and didn't get to tweak the fit in any depth (and it was the first time I'd been on a road bike in 12 years), those cranks still seemed too long for me. At any rate I felt I needed to set the seat height too high, to compensate. I didn't even realize they were 167.5s until much later when I started bike shopping and spec'ed out the one I'd demo'ed.
Can you test ride a bike with shorter cranks, just to see?
Last edited by OakLeaf; 04-15-2008 at 03:29 AM.
Speed comes from what you put behind you. - Judi Ketteler