I'm 4'11" too.
My mom has the same problem and she gets all her pants taken up for just a couple of dollars each pair. I'm a little messier though and I just cut the extra off myself.
Another thing I've done is find either petite (length wise) in womens' plus sizes or girls/juniors pants in plus sizes large enough for me to wear (they usually run shorter)... both of which are rare to find... at least in my past experience. For stuff like this, it's easier to look on the net, but it's hit or miss since you can't really try stuff on before you buy it.
I feel your pain though... I went shopping the other day and found some cute workout pants with a slight flare and I figured by the time the tailor would've taken the extra length off, there wouldn't have been any flare left. And the capris ended up going down to right above my ankle. Not so attractive...