Hello,
I'm 5'6" with about a 31.5" inseam, so I don't know exactly how helpful this will be, but I have a pair of Shebeest Stripe Cycle Tights (TE carries them, in fact that's where I got mine) that are quite short on me and I imagine would be a good length for someone considerably shorter than me. I don't know if they would be too long for some one around 5' or not -- it might be worth calling up TE for sizing advice. These tights do not have ankle grippers, so I would imagine it would be less irritating if they were too long. The Shelastic chamois is really comfortable, for me at least.

The Shebeest Tech Tights (not sure if this style was discontinued this year?) are nicer, but they are also longer (just about the right length for me, in size small). They're cut better than the Stripe Tight and have ankle grippers (which I actually prefer if the tights fit well).