Congrats on Stella the Excella!
I can't advise on the laminate flooring, we have wall to wall vinyl we put in when we did a frame off... I would take off the old flooring if you can first... or check threads about floor peeling, etc.
Lots of folks have put in little led spot lights, not sure if they only did them during a full restoration. You might use the search function for the topic you are interested in.
If your old upholstery is in good shape and the foam is good, I would slip cover with something you can remove and launder or have dry cleaned. But, reupholstery is often a spendy item so if it goes to high...maybe think twice about slip covers. Your choice!
Let us know what you decide, and post some pics! We love to see project pictures!
Mrs. NorCal Bambi (traveling in S Tardis)