Dreaming...Formal Living Room

Ever since I have moved into this house I have had such a hard time figuring out my formal living room. Note in this picture I have separated my sectional that I have in my family room so I could at least get a picture of the room with some furniture in it. It usually is empty. This room is an odd shape. (Skinny rectangle since I have a huge walkway through it) Making it kind of difficult to deal with. I think I have finally decided what I want to do. I am going to turn it into a library/reading area. I have looked at several different stores online and have come up with a plan.

 Here are the items I would love to have. I couldn't fit 2 bookshelves in this picture, but I will have at least 2 of them so I can line the whole wall with shelving. Of course these are the dream items. If I get these exact items I will have to pay around $4500. I don't have that kind of money to spend, so I will be doing some serious bargain shopping. Maybe a little refurbished 2nd hand stuff? I know for sure my husband will be building me this bookshelf instead of buying one. That already cuts the price down tremendously considering that was the most expensive item I had on my list. But at least I have my idea sketched out and ready to go. I know exactly what I need to be looking for. Time to go shopping