John--54cm frame wouuld probably work for you, but you should reference an online sizing chart/tool (competitivecyclist.com) in order to get a more accurate answer.

bikesdirect makes very good bikes. The kilo is fine, and those components will work fine for you. The only things I would replace on it to start with are the pedals and (maybe) seat.

Don't ride brakeless. At least not for the first month or two. The first FG bike I built up was a bianchi conversion. I rode it brakeless the first time out and ate it. twice. Then I decided to use brakes.