I also think from everything you say, that this bike is simply too big for you. I am 5'4" and while I can be fitted to a trek 50 cm guys bike or 51cm wsd bike, the top tubes on those bikes are still too long for me, so I ended up with a 44 cm terry bike to get the appropriately sized top tube I needed (like you I am long in the femur, short in the upper body, which also means I needed a bike with a shallow, i.e. 73 degree seat tube angle). If I were you, I would cut my losses by selling this bike. You will only injure yourself if you continue to ride it, and keep pouring money into trying to make it right but it will never be right. Then, I would learn everything I could about the older frame that fits. What seat tube angle does it has (can you download the specs), top tube length, head tube angle, and search the web to find a bike with specs in the same ballpark. When I couldn't find a bike that fit me, that is what I did, looked at what bikes worked for me in the past, and then looked for new ones that had similar geometries.