I would put 2 pendants over that island and run a line from that junction box to a more central location for another fixture. I think we need a photo from another angle to be sure of the entire kitchen layout. Is that island the center of the room?

The island is the center but the light was not centered over it which drives me crazy and is one reason we are replacing it. Also using the beaded board to disguise any problems with ceiling when old light removed. Do you think the pendants will provide enough light?

No, it won't be enough light for the whole room, so scratch that plan. I would do mini recessed can or "pot lights" throughout. Ones that use a small halogen MR 16 type bulb, not the big ones from the 70's. This is something I did myself in my kitchen. But I have a single story house which made it easier because I could access from the attic. Do some research online to figure out how many you want. They should hit right inside the lip of your countertop. Use the electrical cable (Romex) that is feeding that big ceiling light. Take that line to your first light, whichever one makes sense. Cut a hole in the ceiling, wire that can light, add a length of Romex from your first light to your next light....and so on until you are done. Daisy chaining them together. This will result in the lights all coming on with the same wall switch that currently activates that big light. The can lights come with a template for cutting the drywall in the ceiling (with a dry wall saw or attachment for your drill). Then patch the hole in your ceiling where the big light is or buy a white round cover plate for it. I don't see any other option for a kitchen of your size. Put a dimmer on the switch. Most important is be sure to evaluate the circuit feeding the big light and whatever else is on that circuit to be sure it is big enough to handle all these extra can lights.