Started plan but kindly asking for some assistance.

That’s a nice size area with a lot of potential. I would suggest that you consider a backdrop before you get too far along. Another possibility would be to leave space along the back so you can get back there. This would eliminate the need for the lift out and give you an additional 3’x4’ area for more structures.
If you keep the lift out, one side could be a yard/industrial area and the other side could be a town. You could operate a trolley between the two.  
Consider how you want to show case your accessories and what accessories are on your wishlist. It can’t be emphasized enough but read and explore the myriad of possibilities. Please keep us updated on your progress. There are many other folks on the Forum who have outstanding insights.

Jay

One idea is to add two pairs of crossovers between the two ovals so trains can move between them.

There is plenty of room inside the lobes for spur tracks to hold operating accessories.

I would suggest having a lead track inside the O-54 oval to service these spurs so that you can keep two trains running while you are switching the operating accessories. You could treat a pair of parallel spurs inside the O-54 as a yard to which freight cars are delivered. Then a switcher can deliver them to the operating accessories. To serve both facing and trailing point spurs, you'll need a runaround. I'd suggest using the rear straightaway on the O-54 oval for one track and the parallel yard lead as the other. If the yard tracks are in the left lobe, it would be easier for a train running clockwise on the O-54 to pick up and deliver from the yard. A lot of operating fun possibilities in this space.

I would call this a main line railroad, something situated where freight and passenger trains are getting from here to there, not really stopping for switching, and just fine to let trains run, plus the double track eliminates the stop and go of passing sidings.  You can also set up some nice signalling that operates like the prototype and red/yellow/green transitions happening as the trains make laps.   I have a double track around the room oval that I am  happy to watch the trains traverse.  You can add a short siding in the corners to give some variety of operations.  If you are running steam, a nice mainline coaling and water tower point would be a good distraction and a reason to stop.  When I comment about layouts, I always say the best track to have is an interchange track.  This can be nothing more than a turnout that exits off the board or into a wall.  This will give a reason for different road names to be on your system, and even a UP BigBoy making a tourist run on your line thousands of miles from the UP can make sense(at least that is how I explain the Big Boy on my ACL/SAL/FEC/CofG/Southern world.) If it is long enough, you can have a bit of switching fun and drop a car off, remove it by hand, put a different one in its place and come pick it up with on some other lap.  You can also make a section of straight track on a board that hooks to the interchange and set it up as a removable fiddle yard to give your empire an imaginary place to go and come back from.  If you do something like that, just remember to electrically interlock your off board interchange, or Murphy will rear his ugly head at some point and a whole train will make a dash to the floor.