I'm 5'3" and I'm currently riding my first bike which is a Buell Blast. With the regular seat on it I can put my feet flat on the ground, and there is a lower seat available. The Blast is a very good starter bike because it's got a nice set up and is confidence inspiring. It's also relatively cheap and easy to off load when you want to move up.
That being said I'm moving up to a 600 when I get the money worked out and I will most likely get one where I can't put my feet fully on the ground. Of most of the new 600 race replicas, I found the gsxr to be the most comfortable for my height and the Triumph Daytona 675 to be the least.
I'm not saying you should start on any of those but I think you should keep in mind that you will eventually have to get used to a taller bike and not to let it scare you away from an otherwise good bike.
I don't suffer from insanity. I enjoy every minute of it.