I rode a 650 wheel with 165 cranks for years. I recently had a bike built with 700 wheels and I'm using 170 cranks. I was very nervous about the changes but I couldn't be happier. I read a lot of info that said the longer cranks would slow my cadence or hurt my knees but I've had neither problem. I spin around mid 90's rpms and have over 1k miles on my new bike with no knee issues. I can get quite aero. Any bike being set up improperly could create too much weight in the bars. Find someone whom you trust who will listen to you and spend time with you to get the proper fit and bike for you. What works for me, may not work for you.
I kept my old bike because I was attached to it. It had always seemed perfect and I didn't think I could ever be so happy with a new bike. It's time to take it down and polish her up to sale. I haven't ridden her since the new bike. Never will.
I'm 5'1 with a 29.5 inseam.