31.5 SO is usually for a larger frame, as you stated. I'd guess average stand over for 49cm would be 29.5 - 30.0 inches.

As other stated, I think it's a good deal, even with the goofy bars/levers. The Eclaire was Lotus's 2nd tier touring bike in most seasons, but touring bikes are hard to find and usually command a premium. With racks...definitely worth doing IMO.