I'm 5'7" and have a 32" inseam. I actually have a log torso and long arms. I ride a Bianchi 1885 (a mens frame), size 53, which has a 52.4cm top tube with a virtual measurement of 53.5cm and a seat tube of 50cm. I'm very comfortable with my reach and my seat height in relation to my handlebars, but if your measurements are correct, most of the 2-inch height difference between your GF and me is in the legs. My seat is about 3 inches higher than my handlebars, which really is pretty high... Granted, I ride a completely different bike, but I would think you're probably right about the seat being too high in relation to the bars on a 53.
Just to add, for what you'd be spending, you might want to look at custom frame builders...



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