I have a Disney room, too. It is our office/computer room. Three walls are papered in a Mickey-head pattern that I found, must be eight years ago. It kind of looks like this:
, except that the mickeyheads are the open, swirly type, kind of like this:
, and they are red, blue, yellow and green on a white background.
The rug in the room was blue, and we couldn't afford to change it, so the blue in the paper works well with that, and I had a slipcover made for the sofa that is a small checked pattern of red, yellow, and blue.
I didn't have enough $$ for enough paper for all four walls, so the back wall of the room (the wall that faces the door) is yellow. I took a swatch of the wallpaper to the paint chip aisle, and I matched the yellow from the wallpaper exactly, then chose a color about three shades lighter that I thought I could live with, as even though they say yellow is a nice cheery color and a very good room color, the yellow in the wallpaper was very bright.
I thought I was being very clever with my "subtle" Mickey wallpaper, I figured it would be like hidden Mickeys, only DH and I would know they were there, but guess what, everyone recognizes them!!
On the yellow wall, over the sofa, I have six framed lithographs (the ones they used to give away free with video purchase) from Toy Story, Hercules, Jungle Book, Aristocats, Mary Poppins, and Peter Pan. I also have on the walls: a Mickey Sorcerer sericel, a framed piece that I made from two Mickey Sorcerer notecards purchased years ago at the Disney Store, my series of four Princess sericels, which are hanging next to the curio cabinet holding my collection of porcelain Princess statues (about 6" high, the Disney Store sold them back in the good old days). Over the file cabinet hangs a 20K Leagues attraction poster that we got at the Disney Outlet in Orlando. I also have a few collage frames that hold our pictures with the characters over the years, and one of them is devoted exclusively to my traditional "me & Tigger" pictures. I have a giant postcard from the 25th anniversary celebration (extra long, it features a parade of dozens of characters) which is framed and hanging over the door.
On the window seat, I have three cushions that I got at the Disney At Home store at DTD Marketplace (I miss that store!!)--two Mickey shoes, and one Mickey pants. My large Maine cat, Scooter, looooves to sleep snuggled up with these pillows. He will alternate between the Mickey feet and the pants, but tends to favor the feet (he can get in between them and be comfy on all sides)
I have lots more posters/lithos, etc. but am running out of wall space.
To the OP, my suggestion would be to do a google search for "wallcovering Disney" (if you search for wallpaper, you get wallpaper for your computer!). That's how I found the swatch that I inserted above--it also comes in red on white. There are quite a few options out there, including a couple of wall-size murals that are amazing. If you just want to paint the walls, I'm sure you can come up with something pleasing. Your idea about one red wall is good, you could paint the others yellow (it is a very cheerful color), or do one red, one yellow, two white (or two yellow, one white), using black window trim on the white walls, and white trim on the yellow ones, of course this color scheme sorta yells "Mickey Mouse", which is fine if most of your collectibles are Mickey-oriented.
Sorry to ramble on so, and please do let us know what you decide to do. :wave: