I'm 5'3" with a 29" inseam and I wear flared pants (bootcuts usually) almost daily. The key is to make sure you don't loose balance with your shoulders. As Angie said, it's really best to wear with a heel, even if it's a short heel from a boot to keep the flare from breaking up on the top of your foot; the heel will also help with how the hem drapes. Most likely you'll have to try several pairs before you find the hem width that works for your proportions.
My widest denim flares are hemmed for flats (photos #1/2 are older outfits with them, I don't have anything styled recently), but I think my darker pair that's hemmed for heels is more flattering due to the heel (photo #3). Wider flared pants can also work for petites (photo #4) but you have to be careful about volume balancing.
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