would solar cover that is 1 foot too short on 2 sides be ok?

Probably just fine, and at least alright. A smaller cover doesn't hold in quite as much heat, but you still cover nearly all of the pool. The one disadvantage is that it will be just slightly more prone to blowing around, but it is unlikely you will notice that difference.
 
If the original question still remains, I offer this: The cover you are considering is going to be a bit larger than the specs. Every cover that I have bought has been larger than the designated size and I have had it over hang the top of the pool. I found the only time I experienced the cover blowing around was when it had to hang over the of the pool. When it lays flat on the pool surface, it stays in place very well.

Search the forum, there are discussions about what people have done to stop a reel from sagging.
 
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