Lower the fork tubes in the clamps, and get an adj link for the rear and lower it the same amount. That will drop the bike an equal amount. Also, (if needed) shave a bit of the foam from the seat (top and sides)
My wifes 5'1 (almost) and we also installed Gen Mar bar risers and went with a set of DP alum bars which raised the bars and reduced the reach. we also installed a set of adj rearsets which helped out too. After all was said and done, she actually went back to her original seat, because it was a little too low, and a little uncomfortable.
Hope this helps a little