It looks like a nice arrangement. I fixed the link for you. My personal opinion would to put the wall up and use pocket doors. It would give more of a theater feel and for acoustics, square rooms are to be avoided. Also the less cubic feet you are trying to fill with sound, the smaller subwoofer you need. The seating at the table and bar area really doesn't allow for the screen viewing anyway. Are you going to have the same video feed go to both the projector & TV?
I would think during most of the movie viewing the doors would be shut, but they would be open during games with many people over. With that in mind, I would use recessed "can" lighting in that area. That would minimize and light hitting the screen. Be sure to read the "
Things I wish I would have done differently in my project" thread. It is good to learn from your mistakes, but better to learn from others.

Hey, No wonder the water don't work!

This pipe is full of wires!!