Thanks for the compliments.
Most of the stack under the stem is actually a flared spacer from the factory, and I think this is supposed to stay there. There is only an additional 5/8" of spacers.
It is a 54cm frame and is the smallest frame I have. My bikes are normally around 56cm. But this one came up second hand at a great price so I got it anyway. It actually turned out to be very comfortable to ride and I am now quite happy with the sizing.