Issues with Hand Pain - not sure what to do?!?

[Loraura]

I am 5ft 4.5in tall, 140lbs and ended up getting a 50cm frame.

That sounds about right for sizing unless you have an unusually short torsoe with long legs. 50cm effective top tube (not necessarily printed frame size) is what fits me best at 5'3''.

Even very small changes in saddle height and bar height make big difference on pressure to the hands. A stem with a bit of a rise can make a big difference compared to a 90 degree stem.

I often practice just riding with my hands hovering over the handlebars, not touching, but just hovering there. I can feel it in my core that my muscles there have to kick in to keep me in that position without having my hands to support me.

Short reach shifters also work well for me. I rode standard reach 105's for several months, then got a new bike with Short Reach shifters, and it's fabulous:

http://www.coloradocyclist.com/product/item/SSFHAWTT

For use with double or triple gearing configurations
Weight: 490 g./pair
10-spd compatible

Ergonomic innovation is probably more critical to the higher standard of the Ultegra levers than the added gearing. The ST-R700 was designed for people with smaller hands. By the use of a 4-degree or 8-degree shim, you can reduce the reach respectively by 10 or 20mm.

They are Ultegra level in quality.

I used to get blisters on long rides between my thumb and pointer finger even with gloves on with the 105's.