I attached to examples for you :)

We were thinking of just putting something that will cover the existing electric box. We wee not planning in adding new electric boxes or cutting whole in ceiling.

I would remove the popcorn at the same time as the light. Popcorn is typically asbestos so please have it tested and make sure the work is done safely and you prevent contamination of your house.

If you can't remove the popcorn at this time, then leave the light alone. No sense in disrupting a likely source of asbestos twice.

Hi Kwoods 69,
The florescent light box offers light that will need to be replaced by some other efficient lighting. I don't think you will get enough light with a new fixture replacing it. I would have a qualified electrician cut in some recessed LED cans just for task lighting. They can usually be installed from the attic if you are single story or with minimal patching if there is livings pace above. Some hanging pendants over the peninsula could be nice to anchor it it the room and add some interest. Painting the wood where the plate rail will be good to help lighten up the space.
Good Luck!