At that height, you probably shouldn't be looking at road bikes with a traditional 700c wheel. Even the Riv/French 650b wheel size isn't going to gain you enough.

Perhaps look at a late 80's early 90's, rigid MTB with 26" wheels, and replace the knobbies with slicks.

If your thinking new, perhaps find a Felt dealer and look at a F24. Sadly, I don't think you are going to find one for $400, but it is designed to fit the sub 5 foot rider. Cool that someone is trying to address that hole.