The short- is it time to cut the stem of the phalaenopsis?
The long- at the beginning of the year after our white phala finished blooming, I trimmed the stem above a node which by April lead to another 4 blooms. They have lasted till now. One has fallen of and the other three have withered. The stem is still green and another two buds are forming.
Should I give the orchid a well earned rest or allow the buds to develop?
You mean the spike. I think it's a matter of personal preference. I try to imitate what happens in nature which is to leave it alone as much as possible.
I allow mine to bloom as much as they want, as long as everything else is healthy and happy. Isn't that their soul purpose in life to bring enjoyment.!!! Enjoy!