I think you can do your plan if you know yourself well - sounds like it as you have had open shelving before. Your present kitchen has a bit more storage then mine, so I can see living without some of it. I do use a pie-safe as a pantry. I personally am glad to have limited space because it keeps me from collecting clutter and dishes / bowls I never use. If you live the same way then your plan should work. The area around the stove will tend to be greasier and need more cleaning then around the sink, so my feeling is I would put shelving on both sides of the window. I did that concept in my basement kitchenette and only use the bottom shelves for dishes and the upper for a few decor or not frequently used items so that only the lower shelves need to be kept supper clean. Another thought is to use some cabinets with glass doors.

I'd actually close up the kitchen....close off the dining room and use it as a home office/spare guest room/bonus space in general....fabulous resale w all the changes in work/living.... The corner of living room near the foyer is where I'd place a pedestal table...remove the door to the kitchen. If you use both 16 foot walls in kitchen ....a section can have open counter w a couple stools.

Why do you want an under counter wall oven - I ask because they are less functional than a slide in range especially since you are probably planning to age in place since you are now an empty nester. You should be thinking of the most ergonomatic choices and typically the under counter wall oven is done for aesthetic reasons and the oven is lower than in a stove. This becomes a factor as you age. You could get an induction slide in range. When I remodeled there were a few models I was considering. Because I remodeled my kitchen with a view to aging in place, I opted for a side opening wall oven with the oven installed at a perfect height for me. Because it is side opening, I can stand direclty in front of it instead of having to lean over the sides. I installed a microwave drawer below it because that was the only way I would be able to have a real hood over the cook top (Bosch induction FWIW) and not have it take up counter space. As others have posted, installing a wall oven is more expensive since the two comparable quality appliances are more expensive. The tall cabinet housing the wall oven is more expensive and installation is more expensive than a simple stove. I also had to upgrade my electrical panel because each appliance needed to be on its own heavy duty circuit. However it was worth it to me to have a wall oven at a comfortable height rather than below the counter.

I had 48" drawers in my previous house that held all my pots and pans and they worked fine for 17 years till we remodeled, even though the cabinet boxes and drawer glides were not of great quality. Go with a well built drawer and high quality heavy duty glides and you won't have any issues. I just built and have 42" drawers on either side of the range. Drawer size is not an issue, but the quality of the drawer components is crucial. I really dislike those utensil pull-out and don't think they hold much for the amount of space they occupy. I also wouldn't worry about symmetry with the lower cabinets. Do you have an island? Can you even see the cabinets on either side of the range from across the room? I would keep the 40" drawers on the right. On the left just do a cabinet door, put one vertical divider inside and use the space to store cookie sheets, trays and large cutting boards.