Amanda, that's amazing that you don't have toe clipping on your bike! I wonder why that is. I am 5'5" and ride a 54cm frame with 700 wheels and I do have toe clip happen, but only when I'm doing like tight figure 8's in a parking lot or doing an emergency turn/stop or something. I guess all bikes geometrys also come into play. But there is a certain overall truth that if you take two 700 wheels and bring them closer and closer together (as in putting them on a smaller and smaller frame with a shorter and shorter top tube), there will simply be a point where toe clip becomes a real problem.
Of course, your bike and my bike have different geometry, so compare them as 47cm and 54cm isn't really accurate, as our seat tubes probably have different angles and thus different lengths, etc. etc.