Questor,
From what I am finding out, the practical draw length will depend upon the model of the bow. Usually the poundage will be scribed somewhere on the riser showing the weight at a particular draw length, but that's just a guide. From there they have computation tables or formulas available that are supposed to give you some idea of how much an increase or decrease you will get from each inch of difference, very roughly 2.5 lbs. per inch.
Now I have heard that that will go on and increase up to a certain point of increase, and then the fibers on the bow will do something called "stack" and then you will not have the same amount of gain or efficiency. That point is supposed to depend upon the design of the bow. Not sure if that information is available anywhere.
Now I suspect, but am rather uncertain about this but I am trying to find out, for someone with a long draw length will that stacking phenomena be reduced by a longer bow, and conversely will, someone like me, with a short 26" draw length, do better with a short limbed bow? I am think that it will, but I just don't know till I try it out.
From what I remember about those formula for increased draw length, that 50 lb. bow you mention will probably pull between 55 and 60 if the 50 lb. draw weight is caculated at 29".
My son now has that 58" 45 lb. Bear Grizzly that I bought recently. I was only pulling 37 lbs. on it and he pulls 51 with his increased draw lenght, somewhere around yours. I am hoping to get a shorter limbed bow and see if that really will work for someone with a shorter draw length.