To be honest, it's more about the length of your legs and body. With training aircraft, there'd be no problem as long as you're above 5'0" (or shouldn't be!). At 5'2.5", I've certainly had no problems in any Pipers I've flown. Of course, with Boeing, you want to have a longer back in proportion as, while you can pull the pedals towards you and the seat forward, you can't raise the seat up so much.
Of course, there's always airlines such as Loganair. I know a woman of about 5'0" (shorter than myself, anyway) who's very happily flying for them. Height shouldn't preclude most people from a Commercial aviation job!