I've had 4 different 50cm bikes. I'm almost 5'4" but I probably don't have as short a reach as you do Mimi. However with regard to toe overlap - 3 of the 4 bikes do or did not have toe overlap. The Trek 1000, the Bridgestone RB1 and the Giant TCR do not have toe overlap. The Redline Cyclocross bike does have toe overlap (and I have small size 7 feet). The toe overlap problem has never been an issue. It reared its ugly head once when I was sitting at a stop light, not paying attention and I let the wheel fall over and then got my foot in there. No big deal, I just moved the wheel and got my foot out - I was LOL at myself sitting at the stop light - people probably thought I was crazy!

If you don't mind toe overlap, you might look at Redlines - they are steel. I'm not sure if they have places to put racks, but I bet they do or you could have them braised on probably.