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I disagree about rotating the statue. Doing so would basically have the pedestal blocking the narrow park area. The shape of that part basically dictates the location and position of the statue.
In regards to the fence, I really don't think that the entire park should be enclosed. A fence both functionally and visually blocks access to a space. If this is a public park, and especially a "town square" as the thread name states, access should be free and unrestricted. I think that if you completely enclose it, it's going to look strange. I would opt for fencing just along the right of way, or at least leave the edges that face the sidewalks unfenced.
This statue of Shakespeare was installed in Chicago's Lincoln Park in 1894 and still has a mostly "NYC Jade Green" patina.