It should be much happier, and it's good to know it's producing new roots as well. Yes, the soil is very bad so it's probably for the best that you did switch it out. A bark mixture should be just fine. As for the fertilizer, the general rule of thumb is to use 1/4th of the recommended dosage on the label and water the plant (with fertilizer) weakly weekly. The weekly part depends upon your specific environment and how fast the pot dries out though, but it's a general rule of thumb.
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