I looked up the geometry chart on the felt you are looking at. Indeed the standover on their smallest size is 26.5, so it will give you more top tube clearance than the specialized. From what you say its a good candidate, it will just depend on your proportions as to whether you can or can't be fit on it.

I agree that its cheaper if you can be fit on a stock bike. But if you can't be fit properly, you risk wasting more money going with a badly fitting frame that will make you either dislike cycling, or want to replace it soon. You won't know this until you have your fitting. If that ends up being the case, then take a good hard look at Luna. Her prices are better than most and she does a great job with petite women. For me the Felts have too steep a seat tube angle, but for you it may be fine. You won't know until your proportions are measured.

The Felt looks like a very nice bike and a good value from looking at the specs.