I'm not a sizing expert by any means, but I am 5'7" with an inside leg of 31" and I have a 54 2010 Allez and find it to be a nice fit. So with a one inch leg difference from me you may still find it comfortable.
I'm guessing you have longer arms, so you may need a longer stem than stock depending on how aggressively you are positioned on the bike. Mine came stock with a 110mm stem and it is a good length for me to ride in a fairly aggressive position comfortably.
Given your leg length a 54 might work, but I think it is a matter of sorting out your torso and arm length that may or may not lead to you needing a different size frame.
I would say for 5.11 you would need a 56. Im just over 6ft and have a allez and a tarmac both in 58 and find it really comfy, best thing you can do is go to your lbs and fling your leg over a few sized frames
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I'm guessing you have longer arms, so you may need a longer stem than stock depending on how aggressively you are positioned on the bike. Mine came stock with a 110mm stem and it is a good length for me to ride in a fairly aggressive position comfortably.
Given your leg length a 54 might work, but I think it is a matter of sorting out your torso and arm length that may or may not lead to you needing a different size frame.