GREY: This is from VERY limited knowledge -- but I believe that measurement is from ground to base of seat post? So, in general, what will be the limiting factor is the length of your legs. If you go lower, a few adjustments could make up for it, but if it's too tall, you cannot get the pedals up in any way, and may not be able to reach the ground while standing over it. That's how I'd look at it But, if you aren't sure about your size based on bikes you've ridden, then go try some out. You at least can tell if that's ok or way too high.

Also, your LBS may be able to be useful in helping you decide on the size of bike that will fit you best. You could test some out there. Although, not planing on buying from them, I'd not ask too much time from them!

Good luck!
Jes