Most orchids, yes you wait until the blooms are done. However, some are better about retaining their flowers such as phals, and if it comes to saving the flowers or the plant, most people go with the plant in favor of repotting.
I agree, pot is way too large. You want the root mass to just barely fit in the pot and then backfill with bark medium. You can use syrophoam peanuts in the bottom of you have too much space. The rule about two years growth applies to orchids that do not have a monopodial growth habit such as the one you have. That means it won't grow in width and new shoots as much as it will grow taller and longer leaves from the top.
I know it's frustrating at times, but so is anything we try for the first time. Once you get the hang of it, it's really quite easy! You'll love it, I promise! Just don't get an expensive orchid to learn with, limit the costs lost when learning.
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