Brought it home last night and the girl was pretty happy with it,
"That is Swagalicious",
I think that translates to totally b i t c h e n.
Standing over in bare feet the top tube just reaches her nether regions so it should be just fine.
The guy I bought it from said he recently tuned it up and it appeared to have relatively fresh grease and new cables but I will tear it down anyways because, dammit, that is just what we do here.
Initial plans are to put a 7sp free wheel on it and swap the cranks with a set that has 46-36 rings. She was a little apprehensive about the drop bars, saying she felt her hands were to close together on top. So for the near future I think I will but some flipped north road bars on it so she can can get used to a more dropped riding position but still be comfortable with a wider hand position.
Other than that there is not much tinkering that needs to be done with this thing.