I have a very similar piece, made of hard rock maple. The hardware on mine is in excellent condition, much like yours, and I would never consider replacing it. You wouldn’t find anything current that would look appropriate, or be as well made, IMHO. I don’t feel it’s “dated” - it’s authentic for the piece.

I would work with the colors from the chair fabric. It and the pillows have some teal or aqua so look for things in those watery colors but darker or brighter. You also can rotate other colors on pillow covers. I switch mine seasonally to brighten our brown leather sofas. With cool greys and teals you could add warmth with accents of yellow or coral. Pick colors that you love. Maybe start with a large colorful canvas for the wall and use colors from it. You could even paint your own abstract. Stack a couple books under your lamps if you need them taller. Buy used books with colorful covers or recover them in paper to match your color scheme. Before investing in big items like rugs and drapes, try a few little colorful items like a throw to see what colors you like. Take your time to collect things that speak to you not just the latest trend.

It was funny to see this thread come back, it reminded me I should post some pictures of where I am at and how things are looking. Table is in the spot you all helped me with. I have added an area rug for the sofa, and pillows. I am having a large walnut burl coffee table being made, should be done in about a month. The current coffee table we have is just too small with the size of the sofa. I have a new fan for the ceiling which has a light in it, just waiting for the electrician to install. I plan on replacing the two dark brown leather chairs at the table with something lighter, maybe a beige or off white. Not sure yet but I feel the dark brown chairs are too dark. I got side tables for the sofa which match the live edge table. One of you said Rome wasn’t built in a day, so true. It’s been a fun project. Thanks once again for all your help!

On my screen the colour of the curtains actually works well with the stripe in the area rug and the metalics in the cushions but the wall colour not so much (reads too peachy) :-) What colour(s) do you like most in the area rug? On my screen I see a lot of brownish reds - the artwork to the R of the TV, on either side of window, and the floor tile has a reddish tinge - have you thought of pulling towards red? Of course, you could always pull towards the colour of the couch given it is directly in front of the window or the dark circles in the area rug - that would "punch" against the wall colour. On another note, what seems off to me is the furniture placement relative to the TV and that the TV is mounted too high for ease of viewing. Ideally it should be lower so when seated your eye is at mid-point - no need to hyper-extend your neck. Is it possible to post more pictures of this space ?