We bought a home!

My hubby and I were married in December 2008 and have been renting and throwing away much to much of our hard earned paychecks on rent payments. Tuesday, March 16, 2010 though, all that changed. We bought a house!  Our new home was built in 1940, has high ceilings, lots of open spaces, and needs lots of TLC.  We are renovating this old home and are extremely excited about it. The home is a diamond in the rough and we are gathering ideas, spending lots of time in our local Home Improvement store.  I'm looking for ideas on paint colors, storage solutions and home improvements for every inch of our home, from you!, my artist friends!  Here is a photo of the first (and only so far) room I've painted.  It's the living room and the color is called Sparkling Lake.  I love how the cool, fresh color plays off of all the white trim.  There is a sitting room off of this room, only seperated by two sets of columns, so I'm thinking I should paint it the same color as the living room.  And the dining room is off of that sitting room...All three of these rooms can be seen from each other. I bought red paint for the dining room (I love contrasting colors), but now I'm having second thoughts about these two colors together.   I'm open to any ideas, suggestions, words spoken from experience from any of you who have renovated an old home...Bring it on! This is going to be FUN (aside from the hard work, that is! haha!)
Here's my living room:

And below is the paint swatch I got from Lowe's and where I got the idea for the Sparkling Lake color (which I LOVE) and the red paint for the dining room. My plan is to do my own art canvasses (not the same design as shown here, but something in my own style).  Anyway, I planned to make pillows with the red and buy a red chair or ottoman to bring the splashes of red into this room, making the three rooms flow together hopefully.  I'd love to know what you all think before I get my paint roller and that red paint on the walls!