For something different, I would paint the picture rail in a darker grey. I know that the space doesnt get as much light as the rest - but if the whole house is white, a little feature here and there wont do any harm! It will create a nice and cosy lounge room with a point of difference
A really lovely soft white is Porters 'Old Church white'
As you mentioned a 'more antique' white this might suit you
I think the 1st & 3rd white trims look best. I also think Cipriano's suggestion re painting pic rail darker grey would look dramatic & gorgeous.
We just painted our bedroom the same colour, with ceiling white on the ceiling and I used vivid white for all the trims. It's a fairly well lit room with a mid-grey carpet. The contrast with vivid white is a very crisp look. I really wanted to eliminate the existing warmer/yellowy white trims against the grey as I felt it dulled it down, at least it did in our room. It is a lovely calm colour, great pop with the vivid white and I love it every time I walk in the room. Will post a pic later today.
Leave the wall above as is to create that dramatic and cosy feel
Reb, our house is very old too but a different style to yours, cornices and high skirting boards in every room. I wondered about vivid white too but took the plunge. The paint just makes it look clean and fresh, definitely feels updated without being jarring.
Sorry for the poor quality pictures but you should get the idea. The blinds will be going too in favour of white plantation shutters. Hope that helps and good luck!
Very interesting that by painting above the rail white like the ceiling gives appearance of lower ceiling. Makes perfect sense. I have to agree with advice to paint below & above the pic rail the same colour of grey, and the picture rail a darker grey. I believe that will look amazing.