Wow... I have the opposite problem- I am 6 feet tall and everything that I get is either high-waters or capris. You might try finding a pair of exercise pants in tall and get the capris- they might be about the right length. I always get mine at Target or Old Navy... worse case scenario, I guess you could hem them.
I'm 5'5 and I found some at Reebok just a couple weeks ago that are about 4" above my ankle. They should be just right for you! I think Reebok, Nike, etc have them all year round compared with places like Target.
I don't know if this is what you have in mind, but Just My Size has jersey capri pants that look like they would be very comfortable for working out. They are on sale right now for $12.99. However, they only have fuchsia and purple left. I guess that's due to the late season, maybe they are clearing them out. They also have petite jersey pants.
Hi i am an ebay junkie and i have been looking for yoga and exercise pants and there are lots with an inseam of 28,29,30 that are new with tags. that might be a good place to look. Valerie