I would prefer textured wallpaper over paneling. Where did you imagine the fireplace?

Check out cable lighting you can install it so you actually get light down where you need it.Tech lighting makes the Kabel that I like.

What a beautiful space!

Try these wallpapers to open up your space:

http://www.newwall.com/product-category/calico-collection/wabi-collection/

http://www.newwall.com/product-category/jv-collection/501-collection/damasco/

Or if you want to go for that textured look like emmarene suggests:

http://www.newwall.com/product-category/jv-collection/450-naturale-collection/damask/

http://www.newwall.com/product-category/jv-collection/450-naturale-collection/metal-coated-cork/

For lighting you can go with cable lighting or something large and airy like the Moooi one. You can also have large paintings on any of those walls

Wow that's a beautiful space! Love the large triangular window, its lovely. If it's lighting your looking to put in place of your fans, we can help. We produce handmade custom tailored pendant lighting pieces in a variety of colors and shapes. With our design team we can take out the guesswork as to how long to wire, how to compensate for the ceiling slope etc. We build chandeliers entirely around you and your style. Contact me when you'd like to get started, we'll get you up to speed on our offerings and design help.

Sales@galileelighting.com

For 20 years we enjoyed a similar room without fans, and as some pro will offer decorate up to 10-12 feet, the rest is open and light is not actually used above that height. So concentrate on lighting from the floor up. The room was one color paint, although later owners painted an accent wall and some magazines show a different shade above the mid point. Enjoy.

Your focal point right now is the view, so I'd put the fireplace left of the French doors and windows above. It can follow the angle of the vaulted ceiling. Once it is done you can decide if that's enough interest or if you still want to panel a wall. Personally, I'd prefer investment art to paneling.

I think pendant lighting would be a great way to go and possibly a bevelled glass globe to refract the light, instead of a wood wall how about wood accent beams on four foot centres from the peak to the top of the wall and i agree that the wall with the angled window is the spot for a fireplace mantle and looking at the style a classic field stone would compliment the room very well.