Give Surly a try
I'd say a 46 cm Surly Cross-Check or Jamis Aurora might work out fine for you. (At 5'4" you are not *that* short.)
By way of comparison, I am 5'6" with relatively short legs and long torso. I loved the 50 cm Cross-Check I test-rode last year-but went with a 50 cm Aurora because I could not get a good deal on the leftover 2009 in beef gravy brown. Both bikes fit and handled great; I would have been thrilled with either one.
My Aurora gives a really smooth ride over the rougher roads in my area and I found my rides getting longer each time. I just didn't want to end the ride!
That said, I'm going to have a hard time avoiding the Cross-Check this year in that pretty blue color...
1990 Univega Alpina/(stock) gel saddle
2009 Specialized Dolce Elite/BG Lithia saddle
2009 Jamis Coda Sport/Selle Royale Respiro saddle
2010 Jamis Aurora/Jamis Touring Sport saddle