Regarding your question on cranks, I know a few women in your height range that prefer cranks in 150-160 range (i.e. Lynette Chiang of bike friday, and 'Ollies Grandma' a randoneur on the bike friday BJ site). I am taller than you, 5'4" and get knee injuries with 170 cranks. I ride with 165s. For me, I noticed on the 170s that the problem was my knees would come up too high at the top of my pedal stroke (i think you want your femur no higher than parallel to the ground, but not angled up). But its not just our height or inseam, its also our femur lvs tibia length.