As 531 mentioned...really depends on your riding preference in terms of drop you prefer. I couldn't tolerate that level of drop for more then 10 miles or so. Keep in mind, as you move your bars up with longer head tube...they come rearward with the angle of headtube which is splayed rearward. So decreasing drop will shorten the cockpit and make it more comfortable. Reach has two components...horizontal and vertical. I would never put you on a 54....would be way too much drop. 56 for racing and 58 for touring. Depends again on your riding preference. If your bike doesn't feel right...ride a larger bike with less drop. You may prefer it. I like about 1 inch or so. If I raced...would be 2-3" max. If you are 20 years old and race you can tolerate a big drop but most of us can't.
HTH.