I'm interested in this too, I'm lso 5'6 and took my first spin on my brick last night, only my toes are touching the ground haha. I'm changing for a cafe racer seat which hopefully will be better. I'm definitely going to drop the front forks also - how much can you get away with?
Is there any way to drop the rear without an expensive suspension job? I hear it makes its harder to get up on the sidestand, and thats difficult enough as it is :giggles