According to this chart (of course, these things are always YMMV) the 17 sounds in the ballpark.

Of course, every person and every bike/mfgr. is different, but I am a skoosh under 5'4" and have a 16" mtn bike that I never ride...because it's definitely a hair too big for me. I would have been happier on a 15, but when I was fit it was by a kid who didn't know what he was doing and we didn't know that he didn't know what he was doing. We've learned a lot in 15 or so years.