I think 48" would definitely be perfect for you.
I'm 5', and it's just right for me. Two inches won't change much.
I have a pair of 54", and not only am I up at the top holes, but I can't stand all the extra leather hanging. 48" is proportionate to my leg length and my saddle.
Hunters like it neat and clean, and leathers that are obviously too long don't help clean up your look.
I would suggest anything from Ovation, Bates, Toulouse, Collegiate, or HDR, for something around that price range.
"You're just as sane as I am."~Luna Lovegood.