I would get the 54 and a 70 mm stem or whatever works. The smaller frame servers only to make you reach 2 cm DOWN, or have a gangly high steerer. An angled up stem is far stronger way to get height. Or find bars which fit closer back.
I am 5'8" and have ridden level 58 cm bikes my whole life. Tight fit, but I have swept bars with long grips.
I never had drops or a CF bike tho.