Outside runner- I'm a tiny guy too, just 5'6 on a good day but I weigh much more, I'm hovering around 143 (when I was fat and in denial I weighed 195- June 2013). All the weight lifting from my past has kinda stayed and trimmed the fat hahaha. I'm not complaining and appreciate the compliments from the ladies! LOL I'd like to be around 137.
Team 1- my interval workouts especially 800 repeats usually fall around race pace with two min jog. I think you're doing fine and like everyone else said, you will get much faster.
As for me yesterday, I did not get my sub 17. Way too hot and humid (and wind the last mile). Ran a 5:27, :29, :49 (yikes!). It was just absolutely brutal. It didn't help that I ran alone from the start (second place guy was about a minute back)
But now time for my beach half marathon, and then I'll be doing some weight lifting like RRR... MMMM BEEER