Ask your boys what colors they like. Red is a strong aggressive color. Using wallpaper, shelving, and an accent wall with stripes is going to be very busy. It can look nice in a show home, but leave some space for them to add what they like - posters, etc. Consider using white shades or woven wood blinds instead of drapes, which are more masculine and won't have to be changed out when their tastes change.

it sounds like you are planning on doing too many design elements. wallpaper is great, an accent wall of paint can be great, stripes are great too! but not all at once. pick one wall that you would like to accent and do it with the wallpaper or a bold color, leaving the other walls a more neutral color. OR you can wallpaper the entire room. OR install a chair rail and wallpaper above the chair rail and paint beneath. good luck!

You could still get a similar color scheme -