And in my experience - smaller riders get more benefit from a draft too! at 5' even I get a draft off off just about anyone - though few can effectively draft from me....
In general working in a paceline will result in your going faster than you could solo, especially if you are working with people of similar abilities to yourself or who know how to temper themsleves to the other riders in the line. One person who is too strong can really disrupt the pace if they surge when then get to the front.