Big bags will be around for awhile.....and I can completely understand how you feel cuz I'm 4'11" as well and find that there are many bags that are just too big for me too. My suggestion is to take if for a spin inside the house....get used to all of your stuff in there and see if you are comfortable with the bag! You've got to feel good/confident when you carry the bag, if you don't, then the bag is not for you.
Good luck and it's a great looking bag.