Hi Jeannie,
Welcome to the Orchid Board
!
You're going to love it here and be really hooked on these lovely plants in no time.
I'll take a stab at helping you and I'm sure others will chime in too.
It sounds like you have taken good care of your Phal. and your plans to re-pot sound solid.
Your new pot should be about the same size as what the plant is in now. Put a few styro-foam peanuts in the bottom of the pot, then a little of your pre-soaked bark.
Gently remove the plant from the log and clean up all the roots. Remove any that are dead or mushy with a sterile tool (soak sissors in alochol, use a new single edge razor blade, etc.) Wash off all the old potting medium and dip your cuts in powdered Cinnamon. Also remove the yellow leaf and use the Cinnamon on that cut also. I would also cut back the flower spikes as close to the base of the plant as possible but others might disagree with this...wait awhile and get more input from other members before you do that.
Now place your plant roots into the new pot and fill with the fresh bark mix. Be sure to get some bark into the cavity under the plant. Keep filling until the bark reaches the top of the pot and the plant feels "stable". Tapping the side of the pot as you fill will help settle the bark down.
Give the newly potted plant a good watering and set aside in a shaded area for a week or two so it can adjust to its new home. If a new leaf hasn't already start to grow you should see one soon.
Hope this is of some help, and, as I said, others will chime in with anything I've missed or something they don't agree with. A lot of orchid growing depends on your growing conditions so some things work for some people and some things don't. When you first start with orchids there is a lot of trial and error. You will find a "groove" that fits your growing style.
Good luck and you will be so glad you found the OB. There are lots of friendly people here that are more than willing to help.
AL