Definitely read the first few pages of the thread fishmom mentioned.
The bark shown is good for this plant. I agree it looks very salvageable now. The current pot is too big, I agree. I would take it out and repot into the smallest pot that fits the roots. Soak the roots in water for 30-60 minutes after unpotting so they are more flexible. Use the bark in the container now.
__________________ May the bridges I've burned light my way.