I'm Asian and I use an extreme eastern/hybrid of eastern and semi-western (whatever they call it), say what now?
Yep, I'm also asian and use the modified eastern and heck I'm 5'7 (although I have many more years to grow). Anyways back on topic.
Continental: Good for a slice forehand, good for low shots. There's a lack of topspin however, which requires the player to hit barely over the net. High balls are murder for this grip.
Eastern: Good for moderate topspin hitting, good directional control, easiest forehand grip to learn, really good for flat strokes, and good variety. Good for low balls. However, high balls do pose a problem sometimes for recreational players.
Modified Eastern: Basically keeps the benefits of the eastern grip, but allows you to hit a little more topspin. High balls aren't as difficult to handle then a more conservative grip and low balls are easy to put away.
Semi-western: Allows for a mildly heavy topspin ball but also allows the wielder to also put away balls with flat shots. High balls don't bother this grip to much, but low balls are a little bit more difficult to get over.
4.5 Semi-western: A variant of the semi-western, allowing players to even add a bit more extra topspin. High balls don't pose a threat to this grip. However, balls are harder to put away and low balls are even more troublesome.
Western: Pure topspin hitting. High balls are effortless. Great for clay courts. Balls are really hard to put away though and low balls are really difficult to get over the net.
Hawaiian: The furthest you could possibly go on a forehand grip. Any further would be too extreme. Many players already consider this to be too extreme for the forehand. Even more topspin then a western. Suited best for clay courts. High balls are heaven for this grip, however, low balls are almost impossible to get over. Putting shots away is an almost impossible task.