Decided not to wait for putting on paint after all....wanted that ugly hole in my wall to go away. That being said, I think this turned out to be the best spackle job I've ever done. Working on this room is really teaching me how to better work on things:
I also put up some shelves...I've been trying to use some random junk that I've bought over the years and never put up in the house, for whatever reason. I put this one, and a matching one up across the room: