It can be tough to find a bike that does it all, especially if you are petite. You didn't say whether you plan to ride on campus -- if you do, I'd be concerned about theft. You never want your bike to be the nicest one on the rack. For that matter, do you have safe, secure bike parking at work?

One thing to consider about components it whether the brake/shift levers fit your hands well. I'm 5'1" and I don't consider my hands particularly small, but I had Ultegra on my first road bike (which I had purchased secondhand, so it just came with that build) and found the reach to be almost painfully uncomfortable. It's possible the discomfort also had something to with the handlebar design, but not really sure. Bottom line was I never got comfortable controlling my speed on descents, and I was thinking about changing the components when that bike was stolen.

My current bikes have Campy Mirage and Shimano Tiagra, which as I understand it are lower-end, but in combination with the handlebars they are mounted on, fit my hands much better. Two years with both of these setups and I'm not thinking about upgrading. They perform just fine. If I had money to burn, I can think of many other things I would spend it on than upgrading my components.

Best of luck with the bike shopping!