Monn. Millennium Magic leaf yellowing, potting media issue

[Lori_TX]

Hi! I just received this Monn. Millennium Magic ‘witchcraft’ a week ago. I’m concerned because it arrived in sphagnum that was fully saturated with water upon arrival and it has yet to dry. It’s still fairly wet today actually. I drilled holes all over the outside of the pot to assist with drying, but I’m concerned it’s been wet way too long. I never use sphagnum because it stays wet too long for me. I’m more than happy to water even multiple times a day in a another medium vs soggy sphagnum.

I was hoping to keep it in it’s current pot until next year in order to avoid shocking it into dormancy. However I’m beginning to think that I should go ahead and repot to avoid rotting issues.

I’ve noticed in the last couple days, the lowest leaf if yellowing. Does anyone have any suggestions or ideas on what this is and how I correct it? What are your thoughts on switching potting media right now? Any help is greatly appreciated! This is my first Catasetum type and I’m lost.