I think that would look great!

Thanks Jill, I needed some confidence before I went ahead with it.

Picture frame is pretty and compliments the mirror. Go for it. Have you tried the Command picture hooks so you can avoid nails in the wall?

I don't think I would put that picture there. What are you placing on the console? I think the space is better filled with vase, plant, sculpture, lamp, etc.

I too would first decorate the console and then decide.

(When hanging the mirror onto the wallpaper, did you do the V trick? You slice a little V in the paper with a very sharp blade and peel it back gently before putting the nail in the wall. Then you can stick it back down in the future when you pull the nail out and it will be less obvious than a hole in the paper.)

It’s charming and would add an interesting touch. The console can still be decorated however desired. :)

If the console would stay that way (no decorations), I think, it looks great.

Hang the sweet picture. Add a few favorite items to the console. You're on the right track!

From this angle I think that picture looks odd below the mirror. It seems a size and weight that might be hung above, not below, though I understand that’s not needed.
I would try some experiments with objects as suggested to fill the gap. No jokes so no harm dond to try a few things. I’d try some rectangular boxy shapes , at least on one side, because it’d provide a strong linear appearance below the mirror frame but have the 3- dimensional weight to balance the large mirror.

Do you have any extra wallpaper scraps? I would look at some youtube videos of how to patch wallpaper so you can lower the mirror to where it should hang. If you have some extra paper, even more than for a patch, I would paste it to a piece of cardboard and then practice patching technique before tackling the hole behind the mirror. https://www.google.com/search?q=how+to+patch+hole+in+wallpaper&oq=how+to+patch+hole+in+wallpaper&aqs=chrome..69i57j0i22i30l9.9498j0j4&sourceid=chrome&ie=UTF-8

Take the mirror down and see if there are noticeable holes in the wall paper when you remove the (nail?)…try to rub the hole a little to get it to close?…also check if the wire can be lengthened or adjusted to lower it…lowering the mirror will look best….if the hole shows perhaps a little decorative medallion..to cover it?…the table is too small to be useful if you have to add too many objects to disguise the imbalance

For the future, this is how I handle nailing a picture hook into wallpaper.

https://athomewithashley.com/hang-art-damaging-wallpaper/

I suppose if the mirror is too high then it needs to be lowered. But for the artwork, consider getting a tabletop art display stand so it doesn't need to mount on the wall.