If the shoe fits...or in this case, the bike
 

I know I run the risk of being the billionth person probably to ask, but through the search engine I did not find what I was looking for, so here goes nothing.

I am a 5"11 newbie road cycler, looking to buy a bike on a shortened budget, and because of this I have looked at bikes ranging in the 56-60cm area. Now the question is, would a 56cm bike fit me well enough, and if not (say it is too short) what would be the consequences?
(the bike in question is a specialized allez expert, 2006)
I have gone through the competitive cyclists fit calculator, and received this:
Standover Height Range 30.4 - 31.1 inches

I believe that is the only important part, and even then I doubt the calculator because it talks about mountain bikes instead of road bike fitting. My inseam is 32" almost exactly, if that is of any help.

I apologize ahead of time for the umpteenth topic on this issue, and thanks for any help I might receive.

Standover height is irrelevant. The important measurement is the top tube (or virtual TT if sloping) length. Look at that measurement on the fit calculators and realize that they are only an estimate and you really need to get on the bike and ride it.

Fit calculators put me on a 54 (TT) cm frame. I am very uncomfortable on one that big and much prefer a 51cm TT.

Test ride!

Do you think if I went into my LBS and test rode a 2009 or 2010 specialized allez of the same size I would have a some what accurate comparison to base my purchase off of? ( I know people get angry at people using the LBS and then disregarding it, but I hope to buy all the other parts needed there so hopefully that draws off the rage)

Yup, I expect you would. It's not likely that the geometry of the frame has changed, though I don't know.

LBS would be able to help, there is no substitute for riding a bike. But first start here

I am 6' even tall and have ridden 56 cm bikes with no issue. I also have s 32 inch inseam. I am not a bike fit expert, but I have experience with what fits me and what works. Now what fits your actual dimensions may be totally different. I am just posting to say that it is certainly possible for it to fit you. I also prefer smaller bikes for their stiffer frames and lighter weight. Test ride it or something close to be sure.

It's very difficult to do bike fit over the internet, and one 56cm frame is not the same as another 56cm frame. Just as an example I have bikes that are nominally 56cm, 57cm, and 59cm, and they all fit me.

Also, what fits you is going to depend a lot on your individual measurements, such as whether you have a short or long torso, short or long arms, etc.

That said, if you're 5'11" and have a cycling inseam (not pants inseam) of 32, a 60cm is very likely too large for you, and a 56cm would likely be the best guess of where you start looking.

I agree with what everyone else is saying. Start with a 56 (test ride a current model Allez), and see how it goes from there. I have similar measurements like you, but I am a little shorter at 5'9. I initially rode a 54 Allez, and it fit me fine. So given that you are a little bigger than me, yes, try a 56.

Concentrate more on the top tube and stem lengths. I think you would be best served going to a good shop and having them help you with a fitting and some test rides. You can always test ride a similar bike like you mentioned if you are going the used route. If you don't get a bike from the shop, just keep them in mind when you need service or parts.