Hey Shanka,
I'm 6'2" and had my irons custom made with .5" more on the shaft. Can I play without the extra length? Yes. I think the extra length is more for comfort than playability. You can always alter your swing, stance and knee bend to make your current clubs work however in the long run, you'll probably feel more comfortable with a longer shaft which in turn will probably give you better play.
Before you spend money on clubs, work on your swing and get it down. I've spent a lot of money in the past trying to get my clubs to fit my swing ... then ultimately spent money fixing my swing ... then buying more clubs to fit my new swing.
On another note, if you want a great set of irons that are built for your height, I'm selling my new Mizuno MP-58's that are custom made for you. I have a post in the marketplace for them if you want to see photos or the info. These are NOT a beginners iron however if you started learning and practicing with these, you'd be learning on set of players irons and some say that's doing it right.