At that height I don't think you'd need to go so small with respect to frame size. SWIMPAL and my daughter are both about 5', and both can ride the little one (49.5)
The small bike shows the compromises required to make a small frame with 700c wheels. note the steep seat tube, the saddle is barely or not at all behind the bottom bracket. the short stem, better control comes to my mine with a stem of about 100mm. The head angle does not suffer so much it appears here, but a better bike could be created with 650c wheels.