L.W.
Your predicament sounds exactly like mine. My son will be 4 in May, an is 42.5" tall! His sister is due next month.
I was looking at a deluxe double stroller from Baby Trend on Babies r us's website that is a double but converts to a sit n stand. Here's the link:
http://www.toysrus.com/product/index.jsp?productId=3012699
I decided against it because even though it would be a comfortable seat, my son's legs would lost likely not fit. This is also the case with all Graco doubles, especially with the infant seat in place.
The stroller that I did decide on is the Mia Moda Compagno. Here's the BRU link:
http://www.toysrus.com/product/index.jsp?productId=3121428
It is a "sit and stand" type of stroller but it has gotten great reviews. The jump seat for my son is also padded- unlike the Joovy or Baby Trend brands. Amazon has a much better price on it, as well as a video review (which is what convinced me to buy it).
Here's the link (scroll down for the video):
http://www.amazon.com/Mia-Moda-Compagno-Stand-Stroller/dp...
Another idea, which I am planning on doing once my new baby is here, is to use the front seat for my son (on long mall trips,etc.) and to "wear" the baby. I have a moby wrap to carry my infant daughter. If you are interested in the Moby wrap (different that a front baby carrier) you can find cute handmade wraps on Etsy.com.
This is the store where I found mine:
http://www.etsy.com/shop.php?user_id=5366490
Here is the original's website:
http://www.mobywrap.com/t-mobywrap.aspx
Also, have you thought about a side by side stroller? This would be especially helpful if you plan on jogging with both your children.
Here are a few options from Baby Jogger on BRU's site:
http://tinyurl.com/cnqxmr
The baby jogger stroller even has an infant carseat attachment.
Good luck with your search!