Do you think bike frame size is less important these days?

Bear in mind that most fit systems are based on averages of male pro racing cyclists and their positions in the mid 70s . I even think they were mostly italian

So, before you multiply your measurements by a % you need to ask your self, I am i riding the Tour this year? Most probably you are not

Here, btw , is the fit chart
http://www.prodigalchild.net/MoultonFrameSizeChart.pdf

Seriously, thanks for this. I'd calculated the measurements for my forthcoming frame by a different system, but they work out exactly the same as Dave's recommendations, which is reassuring given the echo of "too small, too small" clanging in my soul.

As I suspected, at 5'4" with legs like tree stumps I've been riding bikes too big most of my life.

I do wonder if there's a bit of misplaced ego attached to riding bigger frames than necessary.