Where are you located?
If I were you I'd search high and low for something "stock" that will fit you for now.
I'm 4'11", not sure of my cycling inseam, but let's just say I can BARELY stand over the inseam measurer at the bike shop. I just ordered my SEVENTH bike frame and it's the FIRST custom (some have come and gone, some are still with me). I've also ridden countless other bikes.
As Knotted alluded to one of the huge benefits of custom is you get exactly what YOU want, but as a new rider you don't necessarily know what that is yet (and any one rider can have preferences between a number of different fits that would work on top of handling characteristics).
One way to reach a middle ground in this, especially if you really can't find any frames to test ride, would be to go ahead and pay for an experienced fitter to work with you (will cost somewhere between $150-300 depending). What you should walk out with is a) an idealized geometry chart/set of measurements to work from b) a list of bikes in your price range that should work with part (a) c) more confidence knowing that "sight unseen" is indeed going to fit and maybe d) help fine tuning the fit of the bike you choose after it arrives (this should especially happen if you buy a bike from the shop your fitter works out of, but may or may not happen if you buy elsewhere).
Luna happens to have a tiny little frame in her "garage sale" section right now though that might be right up your ally. (http://lunabicycles.blogspot.com/201...rage-sale.html)
It would be worth contacting her to see if it would work for you, and perhaps if she could get you set up with a build kit, etc if you don't want to deal with building a frame.
Edit:
I should add (because I totally missed your actual question earlier) that my custom frame is a Cyclocross bike and not replacing any of my stock frame bikes. I currently have a Yeti ASR mountain bike and a Wilier Izoard road bike, both production frames, that I wouldn't trade for the world. The custom frame is for three reasons really: first, and foremost, is that my bike shop doesn't sell a cross brand that will fit me and I want to give them business, second, most stock cross frames would only questionably fit me at best (and aren't in stock), and three, it's exciting having a frame built just for you. I'll probably get more frames in the future, both custom and stock. I'm excited about my custom, but I don't regret any of my stock frames.



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