Someday the walls in the living room will be painted. I'm thinking either a nice caramel gold with a sage green faux finish,

Ooh! That would look great in there! And I, personally, if it were my room, which it isn't, wouldn't incorporate red into the walls, because you use so much of it as an accent in the room. Adding it to the walls might make things like the wall hanging over the couch fall into the wall more rather than stand out, and it should stand out, because it's cool. I would let red remain the accent, and let the green and gold be your background. :)