I wanted to give an update on this plant. It's ~2 weeks post repot, and the plants are doing quite well. I'm not sure if it's the new medium, the root hormone (KLN) or new fertilizer (MSU) but the leaves have greened back up and there are new roots and new shoots. Looking great. Even the smaller division is looking good.
I ended up leaving the bud on the plant. SO far everything looks fine-- hopefully it wont weaken the plant too much to have it on there.
I used the extra fertilizer rooting hormone mix to water some of my other orchids and that stuff really makes root growth take off! This was my first time using it. I'm impressed.