FS: Co-Motion Pangea S&S 44cm Touring Bike Philly area
That's my bike (well, my wife's). She is 5'2" and it fits her perfectly. If you get over to the Philly area you are welcome to take it for a ride and see how it fits (even if you don't think you want to buy it). What size frames are you looking at?
I have both 26" and 700c wheels on my various touring bikes. The 700c "feels" a bit faster, but I'm perfectly happy with my 26" wheels for touring too (I also have a 26" Pangea in about a 50cm size; I'm 5'8").
My opinion is to go with the 26" wheel, whichever bike you get. You can do a 700c in a smaller frame, but there are a lot of tradeoffs (like toe overlap with front wheel, for one). There are myriad choices in 26" tires, and they are readily sourced around the world, including in the middle of nowhere in the USA (Walmarts, etc.).