I wouls get rid of 1/2 the pillows on the sofa too matchy add an area rug that is bright with some other colors to use for accents you have IMO too much brown so I would do blue drapes in the DR take the cloth off the table and add a blue and orange glass bowl for a centerpiece filled with green apples get some pillows in green and orange and a big piece of art work for the wall above the sofa and maybe a mirror on the DR wall and a fabulous light fixture for the DR an arc lamp behind the sofa in the corner so it comes out far enough into the room to light a coffee table.

For the dining room, I think I'd orient the table 90 degrees from how it's drawn, and I would make it a drop leaf or gateleg table so that it can be made smaller when not being used for dining. I would embrace the idea that the entry is right in the middle of the living room, and bring the living room furniture out towards the fireplace so the fireplace is connected to the seating area. Maybe TV above fireplace. In that back corner where the sofa is drawn, I'd make that a small work/office space.

Let your wooden beam be as it is. put your Led lights in the other direction ( two on each side in one rectangle , so the total will be 16 units of say 10 watt each Led.), as to balance the horizontal and vertical shape. Don't put anything on the wooden beam to retain its the beauty.

I don't prefer the given arrangements as it is blocking the way to balcony. Also the tv position is not perpendicular to watch. that's why I was asking for any alternate arrangements.