I decided to turn this piece into a mockup title screen:
Great decision. That just made the piece, the composition is alot more interesting.
I'm not really familiar with the EGA palette so I'll leave those critiques to the experts.
You might want to take a second look at the lighting because the light from the new lamp should hit parts of his leg, shoe and shirt. The dim secondary lightning that you put in for the window isn't sufficient with the change. I'm not sure if you're in for a major change so maybe you could subdue the lamp alittle and move it further into the background or something to that effect.
I really like what you've done with the shading on his left arm; that part sticks out the most for me.