I'm 5'7", buy 30" inseam jeans, which means my real inseam in about 29". I rode a 52cm Cannondale System Six but due to my torso length it was literally 3-5 cm too short, even with a 12 cm stem. I could barely straddle the frame in cycling shoes.

Having too big a frame is an exercise in futility. The biggest drawback is that your weight will end up too far back relative to the front wheel. I prefer more weight on the front wheel, i.e. a longer stem, because it makes the bike so much more stable once I'm moving more than about 5-10 mph. I tried really hard to maintain that forward weight distribution.

I ended up with custom geometry frames (40 cm seat tube, 56.5 cm effective top tube, 75.5 degree seat tube angle, and it worked so well I bought a second frame) but chances are that you'll fit a factory frame - most people do. I waited way too long to get a frame that fit me, way, way, way too long. I wondered why I didn't do it before. From someone that tried to make factory frames fit for literally decades, take it from me - get a better fitting frame. The 54 sounds huge for you. Instead of steering a big awkward thing with a too-big bike you'll feel like the wheels are simply extensions of yourself on a properly sized bike.

Shorter reach bars disrupt weight distribution just as much as a shorter stem because your hands end up further back relative to the front wheel (and BB and saddle etc). When I went from a standard type bar (11 cm reach, 15 cm drop) to a compact bar (8 cm reach, 12 cm bar), I had to get a stem that was 3 cm longer and dropped 3 cm more. Otherwise the compact bar's drops were too close and too high. Even too high was bad - I got within 1 cm of the reach with a longer stem but 3 cm too high for vertical drop. Terrible. With a proper stem (unfortunately for me another custom job) the drops are back where they used to be and I'm fine again. Front end has weight, the BB->Drops relationship is normal, and I have full control over the bike in a hard effort.

If you can find a 52 to ride that would be the ticket. Also look at the geometry tables and see if there are other bikes that would match what you're looking for. Make some measurements on your bike now, write down what you think would be ideal (like where the seat tube would end, how much post would show, top tube length, stem length, etc). Then start perusing the geo charts to see if anything matches up or comes close. Consider the effects of compromising your ideal frame set up. Etc.

Good luck with the process.