Once you have furniture in your space the chair rail will not be noticed on that side. It will not be the focal point. Your furnishings and artwork will be what people will see. Also, spaces that are completely balanced are not nearly as interesting as having a little asymmetry here and there imo.

It's the scale of the lamps that you need to concentrate on the most. I've found that most homeowners tend to purchase lamps that are too short/small. I use 28"-30" as my guide. I rarely use shorter than 28" unless maybe in a bedroom or for an occasional table, and over 30" starts to look odd in most homes. If you're looking at a lamp in person, rather than online (which has the measurements) just measure from the top of the shade down to the table. Also, purchasing inexpensive end tables and lamps first can really help change the look of a room, while you're saving up for the more expensive items (sofa, nice coffee table). Here's a before/after of a living room I did for a homeowner, where all I added were lamps, end tables and throw pillows (just reworked her other items). The end tables I used are really great, they work with a lot of furniture styles, plus they have a shelf and they're less than $100. I use them with a lot of clients! Since end tables don't get a lot of abuse, a "cheaper" one is a real budget saver. Great End Table As you can see in the Before, this furniture is large and overstuffed. A too small lamp would look silly. Using the above linked end tables and 30" lamps: You can use an end table like those (they're 24" high) and the proper size lamp, and it will work with just about any sofa you choose. Also, when choosing throw cushions I would get rid of the two red cushions on your sofa, and replace with a neutral. Maybe throw in a lumbar on one of your two chairs. And here's a room (while we were rearranging furniture) where the homeowner's furniture was not oversized/overstuffed. As you can see, these same end tables come up higher on her sofa, but still work. I can't remember how tall these lamps were, probably around 27"-28".

Thanks so much for your reply. I was trying to coordinate and yet not compete with the adjoining dining room rug which has similar colors but much bolder. If you zoom into the picture below you can see a patch of it in the right hand corner opposing the sofa. Your suggestion are really nice and appreciated. I see that you used a 9x12 rug. Does you think a 10x14 would be too big?

Will you be keeping dining table and couches for a while, as you mentioned you will be replacing? That will dictate suggestions for lighting, etc and even ideas for a better possible layout. https://blog.modsy.com/home-design-tips-guides/layout-guides/living-and-dining-room-layout-designs/ If replacing shortly, if you could provide more details in regards to your taste, needs, and style. Either way, could you provide better pictures of the whole space and what your plans are with the furniture. Repainting, if you go that route, should be the last decision.