With the views your great room offers, a dramatic stone wall surrounding the fireplace and tv would help ground the living room area as it's own space. The open shelving on either side of the stone "wall" could also be made of stone slabs (or could be wood painted to look like stone).
This was my basement dream - several different rustic elements together, including corragated steel. Love the cowhide frame - have never seen one before! Love the rock wall. Can still add some of this.