Yes, ideally the fan should be centered in geometric center of room, but when push comes to shove it absolutely needs not be of couse, but i think a ceiling fan that is not centered and a chandelier that is centered will not look good

Can you post some pictures of your room. As to your question, if your ceiling is high enough that everything is out of the way of peoples' heads, I don't see why not.

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.

Hi Nithin, Thank you for your reply. installing the POP curling would mean I will loose the existing shape yeah? little worried that I would loose height in the room. The structure used to be a window which I broke down to make way to a balcony. In a few days the structure will be replaced with sliding glass doors. Any recommendations on color as well? thanks again.