If you switch the sconces for pendant lights, you'll be able to widen the window and/or the mirrors -- and you'll still have your lights. Do remember that the four sconces will be "doubled" in the mirror, so you'll want them to be on dimmer switches.

This is just a math problem. Keep in mind how this window will look from the outside. It should be in proportion to the other windows - at least the ones on that side of the house. You will be able to have a nice drawer section in the middle, but I still like medicine cabinets in addition to drawers. Mirrors and medicine cabinets only come in certain sizes, so choose which ones you want, and the sconces you want before doing the math.

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I would not be happy with the mirrors show in the photo above! They are too short and placed too high.

I would not be happy with the mirrors show in the photo above! They are too short and placed too high.

I also wouldn't be happy with my vanities with no room on the wall side.

I think it will be easier to decide if you lay out what you ideally want and pretend live with it. This sounds like you haven’t started building yet. Painters tape is my friend. Find a wall in your house now that is larger than the wall in your new bathroom. Use painters tape, lightly applied, to define the two side walls. Block out the size mirrors you want, block out the size sconces, then decide if that window is big enough. To me personally, it looks skimpy, too small. Maybe you could use a piece of fixed glass instead of an operable window? No matter what, in this bathroom you need compromises. I don’t think you can get everything you want in that space. But do the layout to help you decide.

How wide are your sconces? How wide is the trim around your window? How far from each wall is the center of each sink? As has been said, measure it all out. See if you have the room for all that you want, with ease between each “thing:” wall, sconce, mirror, sconce, window trim/trim, sconce, mirror, sconce, wall. I am assuming this vanity will be in a niche with end walls on either side, no? What size sinks do you plan for your vanity? You might need to shrink the width of the center drawers to get everything that you want on this wall.

Do a window ABOVE the mirrors going across the whole space. That will bring in the light and allow you to have a better layout of the vanities.