NoID Phal growing a keiki AND flower spike - should I be concerned?
I'm kind of worried! I hope it's not stressed, last time I looked at its roots (about a month ago), they were healthy. And its leaves are good too, although the lower-most leaves are very slightly yellow (I'm assuming they're naturally dying off).
Should I be worried that the plant is developing both a keiki and flower spike at the same time?
It is making a normal basal growth and a flower spike. It's fine. Many Phals cluster new growths from the base. Keiki with Phals generally refers to plantlets forming on the flowering stem.
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Welcome to the Orchid Board! I don't believe you have anything to be worried about. From the one photo, yours looks like a healthy Phalaenopsis. I see what you're saying about the two lowest leaves beginning to yellow. That is normal, too, as you suspected.