Will my Phal recover from Crown Rot?

[glitchathon]

see pics further down!

Last week, I had a leaf rapidly yellow starting from the base. This was the second bottommost leaf (the bottom most leaf is yellowing normally and taking its typical several-week time frame to fully yellow).

This second bottom leaf yellowed so fast I realized something must be wrong so I cut it off. Peaking down cut portion I notice that there is some white dried stuff wedged between the leaves. I treat it with some cinnamon and later on some Listerine.

So now, a week later, the bottommost leaf is still yellowing normally which I am not worried about. The next leaf (which WAS the third bottommost leaf but now is the second bottommost leaf) has a small spot of minor rot on it that has not seemed to spread in the past week. I still check on the little circles of white fungus that is wedged in the base between the leaf and the remaining portion of the leaf I cut last week. I continue to stick a Q tip down there to dab with Listerine every couple of days. The fungus is still there but it is dry and white.

SInce the rot is not spreading and the remaining leaves are still OK after a week, does this look like a situation that can stay under control? Any advice on how to deal with this? Roots are still growing healthily on this phal.

Thanks!