It doesn't matter how large or small the frame is. You always hang the piece so that the center is 58-62 inches above the floor. This is true if it is the only piece on the wall OR if any furniture or fixture there is 33 inches or less tall. Some people fudge the range lower or higher, but this is a rule of thumb for designing.

I think that would be nice above toilet

Mindshift, good info to refer to. Thanks

To me, all the gold is a little much. Your other choices are much simpler. Maybe replace the outer frame that has the frills with a plain gold one. It's not even clear that a painting at that spot is needed.