The pacer? in the 42 cms, the top tube is 491 mms with an effective top tube of 506 mm. The LHT is 492 mms with an effective top tube of 505 mm in the 42 cm size. I was running a 130 mm stem on the 42 cm pacer trying to make it long enough to be rideable for me. The reach shouldn't be different on the LHT vs. the pacer, unless the stem/handlebars are different. Okay, it is 1 mm different on effective top tube.
Are you sure you rode the 42 cm pacer & not the 46?
Maybe it was a difference between the 26" wheels or the 700c ones
But going by the geometry charts, it shouldn't feel like a longer frame.
http://surlybikes.com/frames/pacer_frame/
Another bike that I used to have that was impossibly small for me - a trek 1600 with 650 wheels, I think it was a 43 cm. I don't know if this model is discontinued, but you might be able to find a used 2006/2007
+1 for the Felt my friend is about 5'1 and rides a Felt ZW6 and it fits her really well - can't remember the frame size tho.
Plus, the Specialized 44cm frame is really tiny! May be worth a look?