My mom, who's only 5'2" now (used to be about 5'8" before arthritis and osteoporosis took hold) wanted to hang her chandelier only about 25" from the table. I laughed when I saw the handyman hanging it because I could see the bulbs -- and it was an up light! I finally persuaded her to hang it higher, mostly because she would've hit her head on it if she stumbled when walking by the table (small table...). 32"-36" seems about right.

The cabinets will be painted white, also installing subway tile, granite stays...so taking down the light box and replacing it with other lights, just don’t know what to put there since the island is so small.

How tall are is the ceiling in the room? If you search blogs some say for an 8' ceiling the height from the table is around 30-34" for an 8' ceiling, for higher ceilings they usually add 3" for every foot. IMO this is a matter of personal preference. I personally would never put a chandelier at that height because it's right on top you when you sitting down and its in your face when you standing and trying to talk or pass something across the table. The ceiling in my dining room 17' high, my light is 5'7 from the table and it's perfect. If you tell me your ceiling height and the table size I will give you a visual how it will look with a few different heights in relation to a person standing next to the table.

First, that table is amazing! In love! Where did you get it? As for lighting, my instinct is to do two chandeliers, if possible. I would also try to find something that has some sort of round shape, which would provide a nice contrast to the stark lines of the table. You could do something really cool and vintage inspired. For sizing it probably depends where you want the focus to be. If you want the chandeliers to be the focus, definitely go bigger. If you want the table to be the focus, I would do something smaller in scale and more sleek/modern.