The current layout is maximizing every inch of the upper level.

Consider one large bathroom (and a seperate toilet). In Europe it's common to have one full bathroom for the entire house. Double sinks (and walkin shower) for heavy traffic. You'll get used to it. ;)

You should have a custom reach in closet system built along the side wall on the left. I did this in my sons room using the ikea PAX wardrobe system. I assembled it and built flush it into the space along the wall. If its configured right you won't need furniture, (dressers and other clothes storage). Now your bathroom can occupy the 2 small closets area too.

HI -- I would turn bedroom 2 and loft into master with the bath and put a door on the old master bath to the hall way . Other than that there is really no where to go. I think this would be better than turning both bathrooms into just one . That would lower the house value several thousand ,lowering the resale value . Better to have two smaller baths ,than just one bigger one.

How often do you use the loft space? If this were my home, I would spin bedroom #2 so it goes into the loft are creating a new room that is 11' x 19'. This gives you 4' to add to the bathroom floor plans. Or flip your bedrooms. Close the loft are off making it your master. This gives you a room that is 11' 17' and the possibility of two walk-in closets. I don't have the ability to draw it, sorry. But your second closet can go in the top right corner of the loft area. It would be roughly the same size as the existing walk-in. Eliminate the bathroom door in the hallway with access from the master. Double sink and room for a shower. But all these ideas are only if you can lose the loft.