If you think the Chinese vase at the base of the table may be valuable, you should take it (or the photos of it) to a reliable art and antiques appraiser in your area. You aren't likely to get a reliable appraisal on line.

Privacy could be obtained with a screen, placement of potted plants, an open bookcase, but I like your idea for a curved track with a curtain as one option for visual privacy. I would rotate the dining table 90 degrees and move it towards the balcony. I would remove those two chairs/tables because the layout of a single chair that far apart from another chair does not work. You may need to move the seating away from the main entrance because it looks like you walk in and you're on top of a loveseat. In such a tight space with so many doors that open in to the main living/dining - my advice is to keep it simple. Scale the furniture properly and have pieces that are multi-functional. Example- an ottoman that can serve as seating. A bench at the dining table to seat 3 on each side. I would also place two smaller loveseats facing each other in front of the fireplace. This will give you an "entry area" (along the back side of the kitchen wall) and help to define the living from dining rooms. Even if you don't have a formal entry, try to create a bit of space to welcome people.

Yes, JudyG that's exactly the way people were using the taller table. Sort of a café look, or casual bar setting. One home had a beautiful huge kitchen all done in white with dark wood floors and RH style fixtures and hardware. Where you would normally think would be a traditional dining room, they had made it up with a large high table and 6 barstools. It almost looked like an extension of the island. Another one was in a very open and light kitchen. It was smaller and where you might think of putting a breakfast nook they had a round café-style table with four barstools. I liked it because it gave a more casual appearance. If people were sitting at them, they were on the same level as those working in the kitchen. Almost like a bar at the island for that effect, but with some separation.

i used the 3 +1+1 because it allows for more flexibility for moving around the room i suggest that an L shaped sofa would block access to the sliding door and/or the front entry, perhaps 2 x 2 seaters could also work and/or you could try swopping the lounge and dining areas but that arrangement doesn't allow wall space for a TV