We'll need a lot more information if you don't provide a picture. How much and where will the lighting be? What are the measurements of the room? What color will the ceiling and floor be? Are there any windows? What color and how much wall decor will you have? Will you have any mirrors on the walls? If so, how many? If this were my space, I would develop an overall plan before starting anything. I'm all for a dramatic room, but I would probably be sure to have some light spaces to balance it out. Another option is a patterned black wall, for drama and for a conversation piece. You can use removable wallpaper to try it out first. If you have the amount of dark areas that you are suggesting, think to yourself where the character of the room is if you make it that dark. For some ideas, see link below.

https://www.houzz.com/photos/query/black-family-room-and-bar-basement/nqrwns

With previous owner's furniture:

Bar Area on west end of room:

Fireplace on east end of room.

Main area flooring will be one of these:

I apologize for not having added photos with the original post. I thought my question was a bit general, but appreciate the attention to detail.

Paneling grooves have been filled in and smoothed out to be painted over - will no longer look like paneling.

Won't a black wall make your room look dark?

We painted the all brick fireplace wall in our FR black, and the other three walls BM Mascarpone. Room isn’t too dark, and the one wall being black is just enough of an accent.

erinsean I'm not concerned with the room looking dark. It's just one wall and with proper lighting I think it may be beautiful.