Hello! Fellow tiny lady here at 4'8!
I can totally relate to being overwhelmed by an otherwise lovely bag. It seems to be something of a fatal flaw for small women: beautiful bag and otherwise attractive except for the fact that - what wouldn't be a problem for a woman of more average stature - is really really REALLY big on us. Also, heavy!!! (Case in point, I once found one of my dream bags. Leather, limited edition Bleeker St
Coach shoulder bag in a gorgeous teal. Too bad it was nearly a quarter my size and felt like it weighed ten pounds empty. I had to leave it behind in the store for the next lucky buyer.
)
That said, I think it looks fine on you. I would never have even considered it being too large or disproportionate for your body. Unless the bag is too heavy for you to carry? If it's heavy, I would say that would be a deal breaker. Otherwise, sizewise at least: my two cents is that the backpack looks very cool and not overwhelming at all. However, what's most important is how you feel and if you are comfortable with your purchase. If you're not, then I'm sure the next best thing is still there out for you! :]