I definitely want carbon and cannot afford custom.
huh? as much as I know, entry level carbon is generally in the same price range as entry level custom.

Also, your seatpost is most likely a setback, which puts you back about an inch further than a straight seatpost. Changing that will help bring you closer to the handlebars and put less pressure on your wrists, shoulders, and neck
This is the least desirable way to "compensate" for too long of a reach. Your baseline when being fit should be your position on the saddle, relative to the crank. Manipulating this to attain desired reach is considered a no-no, and can lead to knee problems, amongst other probs...

AT 5' tall, you have your work cut out for you finding a road bike, very most especially a road bike with 700c wheels, that really, truly fits you.