I would always advise that if the medium smells it needs replacing, if it's broken down enough to smell you should get it out before it kills the roots.
One of the major problems with growing in moss is that for some people it stays far to wet for far to long. Some people get on well with it, but my advise for Phals is that if it takes longer than about 10 days to dry then it's taking to long (better if it takes 5-7 days).
If the roots are firm then it sounds like you should be OK, although you are likely to loose the flowers. Best thing is concentrate on getting/keeping the plant healthy then new flowers can come later.
I would leave everything out to dry. Personally if the moss is smelling I would not put it back in that even when dry, but if you do don't use all of it and just have a little to try and keep some moisture arround the roots but still alow plently of air.
Then you need new medium, If you have already found moss too wet then bark may be a better choice, but it's one of those things that everyone likes different things. If you do use moss then don't pack it too tight when you repot. Get good quality medium, I'm in the UK so use a vendor here, but I've heard that
www.repotme.com is good in the USA.