My grandfather surprised me earlier last week with a relic from his attic: a silver Raleigh competition frame. He explained he rode it frequently when he was younger, but eventually parted it out and hung onto the frame for sentimental value. It's in really good shape and is much nicer than anything I've ever had the pleasure to call my own

My grandfather said he'd decided to give it to me as a sort of reward for making it through all five years of college on my free spirit cruiser (salvaged from a dumpster!). The problem is that in my excitement, I didn't even consider that he's 5'9" and I'm 5'5". I put a friend's pair of 700 wheels on and I DO fit......just not terribly well. I can sit comfortably on the balls of my feet, but can barely put my heels down when straddling the top tube. However, the reach is completely fine!
I know some people will think it's silly to put so much effort into this, but I feel determined to give it a genuine shot. How can I make this frame a better fit? Would putting 650 wheels on make much of a difference in the stand over height? Are there brakes out there that would even reach? Any advice would be ridiculously appreciated. My friend said if anyone had the answers, it would be you guys!

(THANK YOU!)