I think I may be the smallest to chime in here. I'm 5' even and I ride a 44cm with 700c wheels. My inseam is I think 29" so I've got a short torso and really short arms. I can stand over a 48cm and even rode one for years before I finally realized it was too big for me. I would guess I could easily stand over an even larger frame with 650's - my 44's top tube was actually taller compared to a 51 cm with 650's owned by a gal I knew - the difference in the wheel height I guess. My issues are much more with the top tube length than stand over height and my 44 has the shortest top tube that I could find.
When I got my my 44 I did have to special order it, but they assured me if it did not fit I could bring it back. They even ordered 2 more in 44cm and sold them both in a few weeks- fancy that (I do live in a large metropolitan area). I did get to test ride a similar bike (same frame, lesser componants) before I ordered mine so I was fairly well assured that it would all work out. Call around and see if you can find a shop - any shop that can let you test out little frames so you can see better what fits you and what you like. It might take calling all the places in a 50 mile radius of your house, but definitely do not let yourself get talked into buying something just because the shop does not carry a smaller bike.