Is now a good time to re-pot?

[Floridan by Choice]

I have a very overgrown NOID Cattleya, that has probably been in the same pot several years and that absolutely needs re-potting and probably needs to be divided and I think it is healthy enough now to do it. The plant almost completely fills the 8’ pot from side to side, is growing over the side in at least three places and has eyes and new roots growing all over the place. The older roots - got to be at least a hundred of them - have pushed the entire rhizome two to three inches above the level of the top of the pot. Strange looking thing believe me but I guess if I had to live in media that old I would be trying to get out of it myself. While I want to help this thing I need some advice before doing so.

Is now a good time to divide and re-pot this Cattleya – it did not bloom this year as far as I know?

When I do re-pot, should I put the rhizome back down to media level or leave it up in the air like it is now?

Thanks for your help