I am very optimistic. I once repotted a Miltonidium that turned out to have one pseudobulb with zero roots. I have since grown it to blooming stage. It has bloomed two years in a row for me. I skipped the rooting compund stage since it had no roots to absorb the chemical. I wouldn't try to keep yours too humid - I would be afraid of rot or mold. There actually is a lot of stored energy in the pseudobulb, that will carry this into the next growth. Don't expect a lot of new root growth from this bulb. If you get some that's great, but rare. But do watch for a new growth. The new roots will come from that growth. Also be ready to see the leaf drop as the plant sucks it's nourishment from the leaf. Don't overwater. There's no root surface to absorb the water. Stake the plant well to keep it from shifting. Keep it in normal light (the place where it used to be) and in the same direction to the window or light. I would hope for great things, as orchids are "survivors". They really want to live. Good luck.
A couple of years ago when I was re-potting oncidiums, spathulatum , Golden Showers and Sharry Baby, I cut off the leafless, rootless backbulbs and potted up four plants. It took about three months to see any signs of growth. What I got was a couple of new growth on each plant. The old bulbs did nothing in the way of making new roots. All they did was sit there and shrivel while providing food for the new growth. Golden Showers and Sharry Baby has already bloomed this year and spathulatum now has one spike. This is probably about what you should expect with the single bulb that you potted.
Well, that's good enough. If the bulb helps produce new growth for a new plant, then, I will be happy. I am also hoping that taking the division from the older plant will help it to put out new growth as well. Then, maybe I will get to see some more blooms!!
Thanks for the advice everyone, I'll keep you all posted.
Janet