I agree with removing the chair rail in the room. They aren't meant for bedrooms and certainly not for the modern/mcm aesthetic you are going for. I would definitely do hardwoods if it's in your budget. It will add value to the home, where carpeting and other flooring will not. I like bedrooms to be restful, so I'd pick a soft color for paint in an eggshell finish. Benjamin Moore Simply White, BM White Dove, and BM White Sands are all lovely off whites. If you like a color, pick a soft light one. You'll need to try them all. Paint the ceiling white as well. I love the fan pictured above. I'd probably recover the chairs if going in this room. Again, bedrooms should be soft and restful. What accent colors do you like? Keep them pale and again restful. I like the idea of woven wooden shades with blackout lining. They'll add texture to the room. You could also use linen curtains - Ikea has some inexpensive ones in sizes that should work for you. Place the rods at the ceiling and use 96 inch panels. I've even seen some beautiful lined linen panels at Homegoods and TJ Maxx but my stores are closed due to Covid. Good luck.
Q