A little help is needed

[wetfeet101b]

It should be fine.
1/2 to 1 inch roots are a good sign if they are healthy and will grow in time.
The older pseudobulb looks healthy enough and big enough to sustain the plant until the next growing season even if there are no roots right now.
Do not baby cattleya alliance orchids. Most of the time it will backfire on you.

Another thing you should probably do is to keep the new plant away from the rest of your plants - just as a precaution.
The plant could be healthy and clean, OR it could be harboring something that could wipe out your entire collection. Try to quarantine any new acquisition until you are sure that it is safe to integrate into your collection.