Hi there! You probably already solved this, but I thought I would provide the solution for all those curious about this.
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This is best solved with several formulas. Here are all the formula fields you need for this solution:
First, as you mentioned, you'll need to divide by 2.54 to convert to inches.
Then, you'll want a formula that divides by 12 to figure out how many feet and rounds down to the nearest foot.
Then, you'll want a formula that adds the single quote for use in the final formula that formats the height in the desired way
Then, you'll want to calculate the inches in the desired format by subtracting the number of feet times 12 from the total number inches, and round this to the closest whole number.
The final formula simply strings two elements from the other formula together to show the height in the desired format