I would need to see the whole room and the bedding IMO velvet is heavy and formal looking so you need a space that reflects that feel

Personally I'm a little more hesitant with velvet but when I saw what you posted and the chair, I started to imagine where I think you might be going and I really like the idea. I think it would look really pretty - soft colors and soft fabric are a nice combination. I love how velvet looks with a sheer.

You don't have much room for the panels to stack back, so with the heavy material you are going to lose light. Is the curtain going to be functional? I remember seeing ready made, light colored velvet curtains on grommets somewhere, but I like them with soft pleats, and this is the best picture I could find of what I mean in a hurry - #049 @ suewhimster.co.uk.

Thank you, Elizabeth! I was thinking the curtain would be first and foremost a design feature; but also would serve function to block out more light (if one wanted to nap during daytime etc)...

You don't seem to be getting a lot of natural light through those windows plus you don't have a lot of room for stacking. Velvet curtains are heavier and that causes greater stacking when the drapes are open. The heavier fabric and the stacking will cut down on the light coming into the room.

I think the color you are considering would work. I would just consider a lighter fabric.