Something like this may work. Note the changed door positions so that anyone in the bedrooms can visit the bathroom without disturbing anyone else in the lounge !

conditions are both shower area and bath tub are required in the bathroom.

Use one of them as an accent so they don't compete with each other.

I agree the plumbing looks sketchy i wouldn't invest a lot of money of decorative treatments if the pipes burst down the road. I would also look into your water quality it looks like you have a lot of rust stains that indicates high iron in your water which can really be hard on your plumbing and appliances. CLR is a product to improve the appearance but i would also look into Water softer as well. Stay away from natural products if your water is high iron they will stain fastest. Congratulations on the baby.