I like the new chairs you are considering with your others I would not do kilim or juts in that space with those cahirs but maybe look for a great deal on a traditional persian rug and a round coffee table . IMO go for that old library look and I would for sure do drapes not blinds and remove what looks like a fake plant too. You will need to add some lighting for sure if there are no pot lights and just try for the ambiance of a library you are almost there .

Living area is 24 ft. W from window to front of inset wall. Hallway entrance to bar area is 27 ft. L. Where to place 55" TV? and sectional 120" x 95" Placement /Color/Size of area rug to complement room Where to place 2 oversized chairs OR 2 smaller chairs?

I would do 2 ghost chairs and then get some art on the walls hopefully with a bit of pink somehwere in it a nice shallow ledge under the art and lose the two skimpy plant stands .

I wouldn't put a chair there, that would seem a little awkwardly out of place. But I agree the wall does need something. I'd probably go with matching cabinets on either side of the fireplace. Or maybe a tall plant for a little bit of greenery.  I do think  the room is crying out for a rug. A rug would  take less emphasis off of that bare wall because your eye would go to the rug and break up the bare floor to the bare wall.  I'm not bothered by  the TV above the fireplace. The room is to live in not for a magazine picture. People do watch TV