Should I wait to repot?

[Mothra79]

I already posted about the orchid my mother-in-law received for Mother's Day, now I have a question about the one [I]I[I] received for Mother's Day. It's looks gorgeous and healthy. In the two weeks I've had it, both of its buds have bloomed. But, it seems to be packed pretty tightly in the sphagum moss, and I suspect it may have been overwatered at the florist.
I want to wait until it's done flowering to repot it. I don't want to shock it and risk its not blooming for a few years, but I'm worried that if I wait I'm asking for root rot, if it doesn't have it already. Judging by the pictures, can I risk waiting?