1. Throw away your fabric wall hanging if you're going to pin it flat as a solution to the god awful white paint. Use it to accentuate or give shape. For example: I helped a friend the other day to hang it from the middle of the ceiling by a corner and tuck it behind the couch. Almost like a head board. In combination with the wall hangings and track lighting to frame it, the room dramatically changed.
2. Actually, don't throw away any fabric. But various sized canvases on sale, or old picture frames, and attach/ inset fabric. It's cheap, looks rich, and allows you to coordinate without having to spend and arm and a leg on designer pillows.
3. Have a division wall between rooms that is about 4 feet tall? Spruce it up with a table runner and a collection of unique glass and metal objects.
4. Don't like any wallpaper you're finding? Find a $1/yard walmart fabric you like and tack it up. finishing nails work best and you might want to invest in some inexpensive molding to cover top and bottom nails. I like putting up a curtain rod and loosely wrapping a chiffon.