At 5' 3" - I would look for a 700c bike or a 650c
easier to get good geometry with 650c

the real advantage of the Terry solution is to get a short top tube without overlap.
the downside is the contact patch of the front wheel is different - enough that I really think it needs a wider front tire- often the fork is not set up for that and there are flavors of "24"" some are not possible to find a wide enough tire in my view.