We designed low shelving for that wall, the wall to it's left and included a place for cord wood 'waiting it's turn' to heat the house. It was a bit pricey so we eliminated the shelves returning on the left wall and... got to work.
original sketch
The paneling was removed to expose the studs, the walls sheet-rocked, the stonework re-chinked, floors sanded / urethaned and the walls painted before installing the bookshelves.
We installed all the finish woodwork including some wider molding for the windows (more 'old-world' look to work with the stone). All painted white for a nice contrast.
Rather than build the whole cabinet deeper, I elected to simply extend the floor of the cord wood opening. We protected it's interior by lining it (floor, walls, ceiling and back) with sheet metal. I'm interested to see how this will stand the test of time.
I usually like the look of very old wood but it's not quite so special when no matter where you look, you see nothing but walls of dark wood. I think this room is vastly improved... as they, all along, believed it would be.
Russell Hudson
Hudson Cabinetmaking, Inc.