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No worries, as you say, ladies have longer inseam than men for their height, this is why they fitted shorter stems on the ladies touring and city machines BITD.
To give you an indication, here is my ex (5ft 4") on a small/medium Wolfson Sport with 42cm drops, it's the same 55cm effective toptube but with a much longer 100mm stem, it also has the same centre of bar to floor drop of 96cm but the Wolfson has a 50cm nose of saddle to centre of stem bulge, the nigel dean is 46cm, so even with drops the ND by comparison would still be 4cm shorter reach and a less forward position.
If you need any more measurements give me a shout.
Thanks for all the info, it's a really beautiful frameset and pretty much exactly what I'm looking for. My only concern is the effective top tube length. I'm looking for my friend who has very long legs for her short height.
I think the 55cm effective top top will be a few cms too big as she would probably be looking to run with drops. I'll have a chat with her and measure up again to be sure though - I'll get back to you