Sharry Baby 911

[Fedora]

My poor Red Fantasy is dying a very slow death at my hands, I need help!
I bought it in 2007 as a large seedling. I can't bear to have it die on me now.

I'm pretty positive it's a watering problem, but I'd like a better opinion, and possibly some tips.

Honestly, I don't know how little/often it needs to be watered. I just water it with my Phal.
Meaning about every other week, with a weak fertalizer mix. It's in a pot with the lower half of fine bark mulch, and the upper of sphagnum moss.

The signs:
New growth comes out wrinkled, the p-bulbs are thin and hard (dried out?)
Last time I looked at the roots I had to trim off 3/4 of them, because they were so dead dry.