Hi Bill
One of the problems with the world is that it is designed almost exclusively for those of "average male height".
You are on a 47cm Wayfarer, which is the smallest frame I could fit 700c wheels into. It would probably be better with 26" wheels, but the market demands 700c. Also you could probably get on the next size up (50cm) but that has about 10mm longer reach to the bars.
I'm going to post some pictures from my DIY bike fit piece; first here is me before my 70th birthday demonstrating KOPS...
KOPS by
531colin, on Flickr
Next is me riding the turbo; note my foot is level at the bottom of the stroke....
foot level on bottom pedal by
531colin, on Flickr
So for me age 69 with my saddle height set as we did it in the sixties, KOPS works. I used to be over 5'10" in my socks; now at 73 I can't reach 5'9" in shoes....but still probably within "average male height".
From your photo, I would guess you will point your toes at the bottom of the stroke, but in any case its readily possible that KOPS won't "work" for you.
At 73, KOPS no longer works for me. As somebody said, pushing the pedal down gives an "equal and opposite" force (of Newtonian physics) which tends to support your thorax; my 73 year old legs don't push as hard as they used to, so I need my saddle further back than KOPS or I have too much weight on my hands.