Last night I unpotted and inspected - all roots were soggy and hollow except for two at the very bottom of the main stalk.
I cut all rotted roots off cleanly at the stalk, and trimmed back the two healthy ones of any branches that looked mushy or hollow. That left two firm green roots about 6-7 inches long on end of the stalk. I pulled off as much dead material from around the stalk area I cut the bad roots from.
After much deliberation, I gently removed the 3 bottom-most leaves, leaving the roots that were above each leaf more exposed.
I let the stalk dry a little while I mixed fresh, soaked orchid mix (bark, pearlite, and charcoal bits) with a little of the media it was originally in. I think the original media was coconut husk mulch. I mixed it about 1/3 husk to 2/3 soaked orchid mix. (It looked so inviting to put roots into
capable of holding some moisture but very airy and chunky).
I took the plastic pot it was potted in and went at it with a sharp tool I own for doing metal etchings, making many holes in the plastic pot. (lots!) This pot sits inside a clay pot.
I put a little media in the pot, placed the plant back in with the roots curled under a little, then filled it in. I was able to get 1 air root just under the surface of the media where it will get lots of air, and another has a sharp downward turn to it so I have the tip of that one growing into the media. Both look greenish just at the surface of the media this morning instead of silver. I think this is a good sign? (Taking in water?)
I've left the flower spikes for now. If it starts to drop flowers, or leaves change colour, or roots look poor through the plastic pot, then I will cut them off.
Now all I can do is cheer her on, right?
Thanks again for all the advice!