Is it a fireplace or a wood burning stove you are considering? There is a difference. Regardless of the difference the first step is to contact your insurance agent and ask he/her if they will cover you for loss due to fire. You will be surprised at the numbers of companies not taking the risks today as wood burning fires are amongst the one of the highest risks of loss due to residential fires, and thus the ridiculous premiums that they demand today in some areas of North America. About 8 years ago I received a registered letter from my insurance provider telling me that if I didn't remove a 15 year old wood burning stove stack and bring it to code as well as the stove they never even looked at my fire insurance would be suspended within 30 days. The readers digest version of this tale is that they didn't care a hoot about what they insured previously if I didn't remove it and had an electrical fire I had to prove it wasn't due to a wood stove fire. Lawyers around here start at $150.00 per hour.

Are you keeping the tv above the fireplace? I don’t mean this to sound critical, but imo the fireplace is already a focal point in the room, so keep that in mind as you move forward with ideas. It sounds like your goal is really to make it more in tune with current designs and toning down the brick. So in looking at what you want to do, ask yourself if you want to remove the stepped hearth, blend in the tile or stone to be more cohesive with the overall color scheme, change the mantel, etc. Good luck! It is a pretty room.

Tv over will look beautiful, but in your space, I would prefer it in the same place with some molding as you said. You also need better lighting in your room and some bright colors in the form of pillows, rug, or art to add some life to your space.

In the early 70's we lived in a rental with a fireplace that had been painted white. What I always recall when people contemplate white is the soot that gathered above the firebox in a semi circle. It doesn't take more than one 'forgot to open the flu' episode to get smoke stains. If painting is the most cost effective--I have like the dark gray painted fireplaces. From other posts, I see people clad the brick in a flat stone..I am sure that costs much more, but it is a beautiful alternative.