Options Theme side bar too high on page

Is Options the name of your theme? Perhaps you could post a link to your development site so we can examine the code, without some specifics we are a little ham-strung.

You can bump your sidebar down by adding margin-top to your style.css file, line 668, like so:

#sideContent {
width: 215px;
padding-top: 25px;
margin-top: 140px;
}

Sidebars, by definition, will either be on the left or right side. If the theme is widget-enabled you can add widgets wherever the template allows for them. Check Appearance > Widgets to see what is already available in your theme.

To create new widget areas you have to declare them in your functions.php file, then you have to style the theme to accept them (otherwise they are likely to collide with existing layouts). This requires an understanding of PHP and WordPress templates.

See:
http://codex.wordpress.org/WordPress_Widgets