I agree with Cpartist"s layout and like moving the closet over as suggested by D M so that bedroom 3 has easier access to the bathroom. Do you have room to have the toilet face the tub and add a linen cabinet next to the toilet? How wide is the tub toilet area?

You may have already thought about this, but dimmer switches will make whatever lighting scheme you decide on more flexible. Also, think about where furniture will be before placing the recessed lighting. 18 months ago we moved into a 25 year old house that had a finished basement (also with some windows, like yours). While they at least had dimmers on the recessed lighting, the placement of some of the cans was puzzling, even considering where they had their furniture when we saw the house before purchasing (the previous owners did the basement fit-out). I like the one room that has cans in the four corners and a central fixture which is a semi-flush 3-light (the cans are placed about two feet from the walls). The result is that the room is lit very evenly without the use of any table or floor lamps. I use the room for an office so I have a desk lamp for task lighting. Even if you don't use the other part of your basement, if you finish it so it could be used for a family room it will be good for your resale value. The next owners may want to put their teenagers down there with a big television. :-) I love the idea of the full bathroom. That is something I don't have in mine.

The sink and tub are going to be painted and I’m thinking of doing the floors white

Sconces are so much better for lighting bathroom mirrors than overhead lights of any type. For a 96" wide vanity I would use four single sconces. Since you only have 8.5" from the right hand sink to the wall you need something skinny, but skinny sconces are popular now. I like the double one you chose. Maybe they have it in a single. I can't tell from the pictures, but it may be possible to move the sinks over a couple inches to gain more room on the right edge. Sometimes it's possible to do that without moving plumbing. If you have four sconces you will not need the overhead lighting. When on they will be much more than decorative. They will be very functional. 20" X 36" is a good size for mirrors, but consider medicine cabinets unless you have all the storage you need in your vanity.