29.5 bicycling inseam meets 27.5 standover top-tube.

I'd say 2 inches of clearance sounds pretty fine. Especially at that price. For a STEEL TERRY! (I have less than that on my Surly and Waterford, but I have a very long torso and long arms and the geometry works for me) If you need a bit longer reach once you get the bike, it's not a difficult thing to get a longer reach stem.

And at our age (eh-hem) being a little more upright (slightly shorter reach frame will do that) isn't a bad thing.

I'd still get that Terry. (except that it's too small for me and 2,000 miles away... )