Interior decoration question of the day

So in an effort to keep my mind otherwise occupied and my body out of bed this weekend, M and I went into overdrive working on the new house. The carpet is pulled up in the living room (and indeed, we do need to hire professionals to refinish the floor), the new banister is hung, the hallway is scraped, sanded and prepped, and the dining room is no longer fushia pink, but rather a lovely primer white. Which leads me to the interior decoration issue that has consumed our lives for the past 24 hours. What color does one paint a rather poorly installed chair rail?

We did briefly consider ripping out the chair rail and replacing it, M was all for the project but after inspecting the rail and the wall, I decided that it was going to be much more involved than it sounds, as there are actually TWO chair rails, a crappy piece of trim that would be easy to rip out, and then an original piece of molding (it might even be plaster) that the new trim is installed directly above, in a not very precise way. I'll try to take a picture today, it's hard to imagine without seeing it.

ANYWAY, below the chair rail is going to be a dark blue, and above a lighter blue. I am of the opinion that the chair rail should be the same off white as the rest of the trim. M thinks that we should paint it dark blue to match the bottom half of the room. Thoughts? Opinions? Advice?