A: GQ hit on the 5 most important things a short man should look for in a suit:
(1) Buy Short Length Suits
(2) Wear your pant legs with very little break.
(3) Visually lengthen your arms by showing a little bit of your shirt cuff.
(4) Peak lapels help to visually elongate your body, making you look taller.
(5) Look for suits with a low stance (the place where the two front pieces of the jacket meet). 

Beyond this, be sure to check out the different “How to Buy a Suit” guides by magazines such as GQ and Esquire, and men.style.com.  GQ recently had a feature of “best suits under $500.”  Esquire has an article on the best suits under $500, $1000 and $2000.  GQ also has a general how to buy a suit guide that I highly recommend.

Now there are plenty of guys that wear $500 suits that look $2000 and plenty of guys that wear $2000 suits that look $500. The trick to making any suit look good (even one that is $500) is tailoring and fit.  As for where to go to find this perfect fit, here’s where I would recommend starting your search. 

$250 and below: H&M (really)
$250-$500: J. Crew, Banana Republic,
$500 - $1000: Hugo Boss (I personally love the fit, but we have different body types)
$1000 - $3000: Neiman Marcus, Saks, or Bergdorf (if you are in New York).   Personally, I have found Paul Smith London to be the best fitting designer time and time again, but again my body type is different than yours (6 feet, 185lbs). 
$3000+: Go bespoke…but I don’t recommend your first suit being bespoke.

Contrast Collars are fashionable right now. Unfortunately, the contrast collar often conjures up images of Gorden Gekko raking in the dough and scheming people out of their hard earned cash. On top of that, you don’t often see it done casually, at least not well.

This may be an exception. This short sleeve piece comes in a great shade of gray. With a contrast collar and a hidden button placket, it combines two hot trends of the moment. Get it while it (and the trend) is hot.