I recently purchased an old 60cm trek road bike as a commuter/trainer. I'm 5'11 with a 33in inseam and slightly long arms. I have the seat most of the way down, but when I'm on it I'm as comfortable as can be. Arms/legs arnt over extended, I have roughly an inch of standover clearance, and am not too upright or slouched forward. The reason I'm posting is that I stopped in my LBS and the guy there said it was a huge frame for me. I just wanted to know if I should be looking for a smaller bike, or if there are any hazards to this even though I'm comfortable on the bike? I've always ridden a hybrid bike and this is my first road bike so I want to make sure I'm riding something I should.
It sounds as if your leg extension, stand over height and arm position are fine. I would think that all you need would be a little tweaking - like possibly lowering or raising the handlebars. Another tweak that works well is changing the distance of the handlebars from the seat.
Now if you were buying a bike new, you would get the "right" size. But you are in a strange situation. You have long arms and long legs, so a standard fit might not work that well. Remember, the basic fit suggestions usually assume a pretty standard body.
There are some sites on the web where you can enter in your personal dimensions. The fit calculator will kick out an optimized fit that works pretty well.