You should have minimum 5 ft but 6 ft is ideal. I've played pool where tables are 4 ft from the wall and it is too close. The standard pool cue length is 57" and the draw length is about 6" so 5 to 6 ft would be ideal.

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I think it is awesome to give a piece of furniture a new life. It is sometimes a bit daunting to take a paint brush to a piece made from genuine old timber but if you are going to get many more years of life and enjoyment out of it I think it is better than dumping it. I believe it shows your love. jbof4 I started with a heat gun to remove most of the many layers of paint, (some are easier than others to strip this way). Then I used an orbital sander and sanded and sanded and sanded. You might also try liquid paint stripper although I find this very messy. I believe you can also get them professionally stripped. Good luck with the resurrection, go for it what have you got to lose.

Alternatively, if you just want to get the water marks out of the wood: Set an iron to warm (not hot) and allow it to heat. Lay a cotton napkin or tee shirt over the water stain. Iron the stain through the cloth for 5-10 seconds, then remove the heat for 20-30 seconds. Repeat as necessary, buffing lightly with the cloth after every 2-3 heat cycles. A hair dryer may used instead of the iron. Set it to medium heat and hold 2-4 inches from the stain. Buff the stain with the napkin or tee shirt as you heat the wood.