What will be the style in the adjoining area?

we haven’t decided yet, but most likely a contemporary look

I'd not crowd the limited height with hanging things. 4" led recessed to provide task lighting of 450 minimum lumens at the counter is the workzone layer. On dimmers. I can't tell if you've got lighting along the sink run. Cans get located 6" in from the counter edge to avoid shadowing.

With just over 7’ ceilings and island, I’d keep it simple.

If wanting multiples, suggest only two and they don’t visually block.

https://thewhitelaurel.com/kitchen-island-pendant-light-height/

I think you nned to have some plan as to the lights you want before changing the electrical . Maybe just a really simple LED linear light in thta low ceiling space .

Its open concept, pot lights throughout the basement including over the sink. The tv and sofa will be adjacent and there is no other hanging light fixtures

Both of @Maureen's suggestions are excellent, here's another with wicker pendants.

I love the wicker, thanks for the illustrations.

We recently had two canisters removed and replaced with these pendants. Style selection coordinates with the DR fixture.