Houzz is the new way to design your home.
Ignore the panel. The bottom of the valance appears to be just above the top of the shutter.
This one gave me the idea of doing tall cafe shutters - maybe 2/3 to 3/4 the height of the window. Would still give you privacy but would allow you to hang a valance that wouldn't interfere with the shutters
Or do cafe shutters and have a roman shade overtop that you could put down at night for privacy...