I think you need to treat the window so it is compatible for both sides. Privacy is needed in the bedroom for most homeowners, You could do self-lined drapery panels on the bedroom side being sure to mount the pole above the window so you won't see any hardware or drapery seams from the living room side.

Then on the living room side, I would do a café style treatment only on the lower set of windows. It could be café shutters or café curtains so they would always be there to form that degree of separation for the 2 rooms and you could open the drapery panels on the bedroom side in the daytime and still have some privacy provided by the café treatment on the other side.

Yes, you can do plantation shutters - full length or café style. It depends on how much light and privacy you want in your bedroom.

Here is a quick look at the benefits or Tinting vs Shades. Just to give you a little more insight on your window treatments!

http://www.halcyonshades.com/st-louis/commercial-window-tinting-shades/