Touching the boys "just a little" is okay. Having the boys crammed into your pubic bone is not so okay. If you can straddle the bike and lift it a couple of inches before it is pressed hard against your pubic bone, the odds of you doing anything awful to your naughty bits coming off the saddle is pretty minute.
I say, go get that 50cm frame. The 650c suggestion is also a good one.
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"I'm in shape -- round is a shape." Andy Rooney