This looks like something that might work.

Below is the pic of the wall that needs redesign. Was thinking of panelling to conceal all those wires but that seems to look too heavy..a ps2 box, a blue ray player, a set top box- all these need to be incorporated in the unit with wires concealed. And also, a small study table on the extreme left. A small book shelf also, if possible. Pease help.

I think your inclination toward rustic and distressed pieces is the right way to go. Consider a movable coffee table - I see 2 recliners that may necessitate some table shifting?- an area rug large enough to incorporate all the seating, rather than just a hearth rug, and enclosed storage for your electronics. If you can post shots of the room, other Houzers may have some more ideas.

First, I would ask the builder to give you the dimensions of the furniture used in the plan. Since they've already done the legwork-you will know which pieces will fit. Many times folks go the the furniture store and end up with a huge sectional and it over powers the room. Second, just get what you love! You have to live there. Start to create an idea book in Houzz. You'll start to see a pattern. Then just find a sofa like the one in your pic that is in your price range. Just keep repeating until you have all your pieces. Same thing with wall decor (which I would do last). Have fun!