Depending on your budget, you could have a closet company come in and give you some designs for a cabinet with upper and lower door for the area to the right of fireplace. I would keep the TV in there on a lower shelf with the components below it. so you could close the doors if you want. Above that you could keep it open and display a large piece of art or something. I would dry wall over the recess above the fireplace so you have a plain flat wall for a painting. You already have a good place for the TV so why move it above the fireplace?.