I'm not in your exact situation, but close. I'm about 5'-3", my wife about 5'-0". For her last road bike, boought sometime in the mid-90s, she went custom with 650c wheels since there really was nothing we could find that she liked that fit. It's fairly standard geometry and it looks proportional. I think the last time I measured it, the seat tube was something like 43 cm (C-C). The fixed gear I bought a few years back also has 650c wheels in something like a 46 cm frame. For my new bike, the builder (same one who built my wife's bike) assures me he can put me on a bike with 700c wheels. There will be a slight slope to the top tube, but other than that, from his drawings, it looks pretty standard.
I mention all this to say, I have experience with both 650c and 700c wheels. If you can avoid it, I'd stay away from 650c wheels. Back when my wife bought her bike (to replace a C'dale road bike with 700c wheels), a lot of the tri folks were using 650c wheels so there was a decent selection of wheels and tires. Now, not so much. Yeah, you can still get them, but the selection is very limited, and not every LBS carries them so you need to plan ahead (I keep a couple tires and a bunch of tubes in the garage).
BTW - the C'dale my wife used to own was the most uncomfortable bike either of us had ever ridden. She said she liked it because when she got it (during or right after college) she was in good enough shape that she literally never sat down. Fast forward a dozen or so years, and it wasn't nearly as much fun to ride.