SFGate

Dezign Studio Inc What are your requirements ? You want only a formal dining seating for 8, 10 or 12 people . Do you need a formal seating too, for how many .

Lauren Stephens Thanks, Minimum of 10. Right now, I need to figure out colors and design =) What a dilemma!

Room Resolutions, Inc. What colors are you drawn to? What style or styles do you like? )Traditional, transitional, modern)

Lauren Stephens I love these colors - i know im going to go for dark woods. black or cherry or a really dark brown.

pvore I would change out the rails for open shelves for sure. The colors you like are beautiful, especially with the molding!

Room Resolutions, Inc. That is some great inspiration!
Because you have a large room to work with adding some wainscoting would look very nice! I love the elegant touch wainscoting brings to a room. If you go with the wainscoting, I would paint your baseboards and crown the same color. And changing out your existing crown for larger crown. I would also remove the rails that are in the opening, it is closing off the space.

With your dramatic ceilings, add to the height with painting the step up one color and then a darker on the highest point. That will look really nice with dramatic crown. And of course replacing your fans with new as you stated.

Have you considered looking into wallcoverings? Don't think of your 'old school' wallpaper. This particular product we like to use is updated and has some great selections. Check out Wallteriors. Instead of having to paint you could consider that as an option. Some of the selections are great for formal dining rooms!

Dezign Studio Inc What's the height of the ceiling ? Start with the ceiling . False ceiling will bring in warmth to the space , similar to your idea book. You would have to run wiring around to position the light points, concealed and spot lights. You can center the 8' long dark espresso or cherry dining table with 8 chairs without arms or 2 arm chairs at two ends.A bright 8' x 12' rug under the dining table. Formal traditional window treatment, with valance, Hutch buffet on the adjoining wall to the railing. A group of pieces of art maybe 12" x 12", above the mantle. Coffee, grey or light yellow colors would go with dark furniture.

libunium First thing I would do is have your duct work checked for leaks and then add insulation. If you go dark it will just make the 120 seem hotter no matter how many fans you have.
Minka Aire has some stunning fans with lights.