I currently ride a 56 cm touring bike for commuting. This bike is very comfortable in the "French touring" manner, that is, low seat, little seat to handlbar drop. I have the opportunity to buy a 53 (54.5 TT) road bike. I would use this bike for fast recreational rides and possiby some amateur racing. Would this bike be too small or just about right for this purpose? Additional info: I'm 5'9.5" tall with a 33" cycling inseam. Thanks.

Any bike can work well on fast recreational rides. In a race, you may be handicapped in the sprints by the weight of those old French touring bikes.

I must not have made myself clear -- I meant that I now have a 56 cm touring bike that is comfortable, but that I am thinking of buying a 53 cm bike for recreation and possibly racing, and would this bike, the 53, be too small?

Sounds about right. If your 56 is biggish for touring then a size down is racier to be sure with bigger bar drop. Riding the bike is the best bell weather however.
Good Luck,
George

The 53 should be pefect.

Thanks for the advice!