Hi, 5ft 0 fella here, and have spent far too long nerding out on bike geo and sizing. Message me if you want a detailed chat, but I’ve found that seat tube (and seat tube insertion) is the biggest limiting factor. Reach is just a preference thing. I can get away with bike with 380mm seat tube (with a decent insertion length), to get a 100mm dropper. Obviously depends on ape index proportions etc, but that’s a rough guide. Ideally you could squeeze a 125mm dropper or even longer with something like a One Up or other low stack post. I went for a S Transition Scout over an XS as I wanted a bit more reach – 425mm. Wouldn’t want less than that personally.
Should be more options these days with shorter seat tubes becoming the norm, it used to be a pain with a lot of brands having long seat tubes.
Wheel size wise, it’s already been mentioned that some short female racers are using mullets. Personally I’ve tried my wife’s full 29er (120mm full suss trail bike), and it’s great on mellow trail centre terrain but a soon as anything pointed properly downhill, my ass was being buzzed a lot. It really limited my movement on the bike, and that’s on a LLS bike where in theory you can stay central. So 27.5 rear wheel is a must for me personally. I’m currently on full 27.5 and happy, but I can see 29 front possibly working but I’m really not sure I could get my bars low enough. I may try it at some point (will “borrow” my wife’s 29er fork and front wheel), but actually I’m not sure I can be bothered!