I love it when you guys ask questions- and I have been working on answers for you slowly but surely!
I am 5ft too! Sometimes it can get frustrating because everything seems so long on the racks, and I know the opposite can be said by those on the other end of the height spectrum. Sadly, I can't really speak to those not vertically challenged but about 1/2 of what I will say can go for both short or tall. My first rule for myself is that there are no rules. I refuse to listen to people who say that short people can't wear maxi dresses, or that petite girls can't wear anything oversized because you look like you're drowning in fabric. You can wear whatever you want as long as you LOVE it and make it YOU. Mind boggling, right?
Fitted Denim/Pants: I swear by Gap petite denim. It fits perfect! Once you find your perfect fit, I suggest you buy it up and replace it as needed. Also, as you may have noticed I tend to be heavy on the F21 merchandise and their $10.80 denim in ankle skinny fit is pretty amazing ... and did I mention its only $10.80? If your denim/pant fits too long and slouches around your ankles it will make you look shorter just because it doesn't look like it fits. I recommend getting your pants tailored to your size, or roll, or tuck them. I will admit here though, I rarely get my flares or bells fit to size so I can wear platforms, so think ahead of what you plan on wearing them the most with!
Heels: Kitten to 6in platforms, adding height never hurts.
Ratios: Knowing that the more leg you show the longer you look is a great nugget of knowledge. If you want to wear ankle booties with a dress, making sure your dress option falls above your knee will give your gams a run for their money. However, does this mean I have never worn ankle booties with a maxi? Of course not! That would be silly.
The more you 'chop' your body up with horizontal lines the shorter you will look. example: Shirt at waist, skirt mid thigh, knee socks at knee, and ankle bootie. You just chopped yourself into 4 pieces by these 'invisible lines'. Did you intend for them? Doubtful, but they are there. How would I personally remedy this? Maybe cut out the bootie for a pump, or the knee socks for tights. Or make the shirt/skirt combo a dress. Oh so many options!
And last ... but by far not least. LOVE WHAT YOU WEAR! I have worn some crazy things in my past, I have prided myself in my clothing experiments and have been told on occasion by others that they could never pull of what I do. NOT TRUE! Its all about confidence ladies (and possibly gents?) Know what you love and it will, in most situations, love you back.