It's not easy setting up a reasonable quality bike for a person who is 4'6". I ended up finding a reasonable 44cm frame outfitted with 650c wheels. Custom shortened cranks were an important piece of the puzzle. Appropriate crank arm length would be about 125 mm but there are limited options, these are 148mm which is a heck of a lot better than the 160mm found on name-brand 24" mountain bikes or the Specialized Allez Junior.
I ended up grabbing a new bottom bracket, handlebars and front derailler locally on the last day I had before Kyra would be home for her present. the sweet cf handlebars I had ordered were too tapered and could not be made narrow enough.
It's definitely too big for her but all my calculations proved correct. She will be able to comfortably ride it for at least two full solid summers.
This kid can spank out 12 - 15 miles on her lead-pipe 20" single speed bike (with 100mm cranks I might add). She deserves a real bike and has the maturity to appreciate and respect it.