I just wanted to chip in because we're basically the same height (4'11") and I had the same concerns. I'm riding a Trek 7.3FX, so it's not a road bike, but I have no standover clearance either. At first it really unnerved me, but I don't even notice it anymore. I've only been riding since November, so I'm no expert. But the lack of clearance hasn't been a huge issue for me.

Now, that death grip on the other hand... I'm still trying to shake that off. Exercising the core does help a lot.