Joined: Nov 2006
Posts: 19,810
Likes: 597
From: NJ, NYC, LI
Bikes: 1940s Fothergill, 1959 Allegro Special, 1963? Claud Butler Olympic Sprint, Lambert 'Clubman', 1974 Fuji "the Ace", 1976 Holdsworth 650b conversion rando bike, 1983 Trek 720 tourer, 1984 Counterpoint Opus II, 1993 Basso Gap, 2010 Downtube 8h, and...
I agree with the recent posts, you can definitely ride the size of bike you have. In the last year I've done long rides on bikes with frames ranging from 55 to 63 cm, and the main difference I've noticed is that my neck gets sorer sooner on a smaller frame. But hey, I'm 49. My neck gets sore no matter what I do. You shouldn't have that problem.
My advice would be to build the bike up and ride it, but don't go overboard. Don't have it powdercoated or anything. Put it up on the "frame don't fit" thread looking for an exact frame swap, looking for a slightly bigger version of the same frame. If you get a bite, go for it; until then, just keep riding.