Here is a tutorial for painting an entire chair a solid color, and this one seems to be a similar fabric to that on our loveseat - a kind of velvet or synthetic microfiber, but anyway it has a nap. She says the paint stiffens it a bit but not too crunchy, which is what I'd be afraid of. You can also give the fabric a light sanding on the stiff parts to soften it up. OK, I'm sold on painting upholstery. There are many other results online, but this is the tutorial that most other examples refer back to.
Another before + after:
As for colors, I'm gonna say it again: I think it's imortant to think in terms of balancing cool and warm tones. We have a lot of beige and white right now, which can kind of go either way. So I think we need to add some pops of deeper values that go clearly warm or cool. For cool, perhaps a blue and white rug and some grey throws? Right now I'm into grey and dusty pink. I like the idea of doing that loveseat in this dusty rose color.
Dusty pink again, next to cool grey and white.
Here is a link to an apt therapy post about fabric spray paint. The verdict is good. http://www.apartmenttherapy.com/the-verdict-is-in-upholstery-s-82322