When you say touring, I assume that you are talking full loaded touring. I am 5' - 6" and have both 700c and 26 touring bikes. I would highly suggest that you try a 42cm frame. Having a lower top tube has a huge advantage. On a loaded touring bike you have three bike mounting options: 1) swinging your leg behind the rear seat; awkward with gear stacked up on the rear rack. 2) Swing your leg over the handlebars; difficult. 3) Step over the top tube; Easier with low top tubes, more awkward with increased height. An old rigid mid 90's Haro mountain bike with the dipped top tube would be really nice.