How to rescue Masdevallia venus

[The Peloric Orchid]

I have a Masdevallia venus that's started declining in health since my move. It's normal for me to pluck dead leaves as they yellow at the base. However, it seems like it will go bald at the rate the leaves are yellowing at the stem and getting loose.

Some observations:

• The off-green parts are yellower in real life than I could capture. New growth might be rotting?
• Other leaf discoloration is present but within "normal" parameters
• I feel like leaves used to be plumper and no longer plump with water? Not sure if accurate
• Potted in LFS which is degraded, but it's been like this for many many months. Oops

Things I'm thinking of doing:

• Dividing the plant to remove the leafless portion
• Repotting into same size or smaller pot with fresh LFS
• Mounting on kool log

Any thoughts?

Flickr
Flickr
Flickr

Edit: inserting the images didn't insert the images