Geez, don't do the picture frame molding in this two-story room, it's not a classic designed room, and the picture molding trim is too small in scale.

If you want wainscoting, then install board and batten style.

You can always have a carpenter put a TV lift in that cabinet of yours if there is any potential problem with TV placement. Also, it does not lock you into one furniture arrangement forever. Just move the cabinet.

Or just use the legs that come with the TV and place it on the console.

Notice that all the examples below, including your own, are on walls without windows and doors….