The S50 can be a great starter bike - although it is one of the quickest Vtwins out there, due to it's low gearing and low weight.
I'm 5'6" and 165 lbs and find the footpeg position a little cramped on long journeys - I think you'd be quite uncomfortable on this bike.
As far as the S50 goes, the reason I bought it was for it's weight. I wanted a bike to improve my skills on that would last a while, but wouldn't intimidate me with it's weight. It's the perfect bike.
I took a refresher course a year (and 6000 miles) after my first course and the instructors were very impressed with how well my bike handled the course. They said they'd never seen a student ride the course so smoothly. They invited me to become an instructor for Team Oregon, but that's another thread.
For your height, you may want to look at a Yamaha VStar 650 classic. Full size bike, classic cruiser styling, a bit heavier but I think you could handle it, but not too much power to get you into trouble.
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