generally sloped ceiling/cathedral ceiling rooms won't get crown molding as they are modern in style.

A home with contemporary bones like yours isn't really suited to traditional molding. Spending the 10-25K that it would cost to do all that you are talking about here would be better invested in a soft neutral paint job so that traditional furniture elements could take center stage. Like buying a new traditional sofa. Etc.

Definitely going for a very light grey or all white on white for painting and a very simple stone fireplace/mantle. Our furniture is pretty traditional...I hope that it's not going to clash. Not going with strong moulding on the ceiling is going to be hard for me to swallow. Long term we are hoping to take out the long wall so that the cathedral ceiling is exposed across the entire living space.