Yeah you will regret it. Too short, like the others I think you will find yourself in the 56-58 range depending on fit,
While it's a completely different price range you could consider the Rivendell, I think it's 26 in 56. Or Gordon.
Now if you want to try someting a lot more trick, You could get a Nashbar touring bike frame. It's way too high in the BB clearance so you could run 26 inches and still have average high BB clearance. It's a cheap frame and you woauld have to know how to add brakes, I think I know how I would do it, but it's something that would depend on your particular application.