I'm about 5'3 and my inseam (to the ground, not to the ankle) is 29. I ride a 51 cm Ruby and I love it....I had a fitting done where they adjusted the saddle fore/aft position, dropped the stem angle, and rotated the bars a little bit to fine-tune the reach, and it works beautifully for me.

I think I'd also have been OK getting a smaller (47 or 48 cm) men's frame, but had I done so I'd probably have had to replace the handlebars to get something narrower and with more shallow drops, as well as shimming the brakes for easier reach.