Don't worry about being over potted. Bulb phlaenopsis, once stablished will grow rapidly. Normally, you will get at least one (1) leave per year. Once you get a leave with more than 24" long, it will start to produce 2 leaves per year. To get it bloom, your plant needs at least 3 or more 24" long leaves. I would say, you have to keep this plant for 4 more years to bloom. Good luck
I agree - great looking little plant, but it if you keep it in that basket, you are just asking for root rot to set in. My bulbos like small pots and I have seen Bulb. phalaenopsis grown on plaques; I think it will want more air around its feet than the basked you have it in will give it. But, you are optimistic and I like that! I hope that one day that basket is too small for your bulbo!
Steve