What would you do with this phal?

[Kim in CT]

Many thanks for the replies. I just unpotted her, pictures are attached. She has quite a "trunk" and I don't feel any mushy parts. There were a few roots at the bottom and they were pretty firm as well.

I also removed the remaining yellow leaf and there was a root nubbin underneath it. So from top to bottom, we have 4 shiny turgid leaves, two root nubbins at the bottom of leaf 4 on opposite sides of the stalk, then three dehydrated leaves followed by an aerial root, a root nub, and a root with a green tip that was growing down into the LECA. Then there's the last dehydrated leaf, followed by a firm, green, (dead?) root, then 3 inches of stalk with two firm, green, (dead?) roots at the bottom.

Does this change any of the previous advice? Surgeons, tell me where to cut!

Kim