I'd try to save it too! I had a Witch Doctor that was sending out a yellow streak on every leaf and the leaf would then drop. I got fed up. Idetermined that the problem was coming straight from the roots. So I took it out of the medium, cut off almost all of the roots to the base of the plant and all of the leaves to almost the bottom. Put it in an airy plastic pot with 4 or 5 bark chips at the bottom and hung it in a bright shade area. Watering it and watching it. After awhile it started throwing out one little teeny,tiny root. I had LIFE! Later on as it developed I felt it needed a little moss and more moisture and so on. It is now with the rest ofthe crew on the rack, growing leaves and on it's way to being a blooming plant. I just did drastic surgery as a last resort and it is my greates success story!
Good luck whatever you decide!
Seriously, I've killed every paph and phrag I've ever tried. My longest survivor was about 1.5 yrs. (Good thing there aren't many paphs or phrags I like enough to actually want. Much less painful that way. 
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