I'm exactly 5ft and have the same problem.. I have to scoot pretty far up to reach everything, albeit uncomfortably. Not only is the handlebar too far away from me, but the seat is too wide and it's uncomfortable (the foot pegs seem OK). Rotating the handlebar didn't help much, but I did replace my brake and clutch levers so the span of my hand wouldn't have to be as wide... this was my first "shorty" adjustment.
As for bringing the handlebar closer, that is my biggest issue right now. After looking into it, it seems I have three options: (1) install risers, which will lift the handlebar but will also bring it back a little bit, (2) change to a handlebar that pulls back, and/or (3) replace my seat with a solo forward seat, which will bring me closer to the handlebar versus the other way around. After looking into these, I decided to first replace the seat before fussing with the handlebar.. just haven't found a forward seat that works with the bike yet, but I'm not done searching! In the meanwhile, I'll probably install risers for a little bit of relief. And who knows.. by the time it's all said and done, I may end up with risers, a new handlebar AND a new seat!
I posted a similar question not too long ago and someone suggested a trip to a bike shop that does customization.. they will add padding and other things to the seat to make it more comfortable. I'm going to see if they can somehow make it into a forward seat. So if my search is fruitless, I will definitely go this route. Hope this helps.. there doesn't seem to be much out there right now