Don't divide it... a big strong plant is better able to bloom than several small weak ones. This one is just a rambler. Don't worry about its growing over itself, it looks quite happy. If you need to cut the pot to get it out, that's fine... pots are cheap, roots are precious. For a new pot, go for something shallow and wide. A plastic tray or food container (just poke some drainage holes) can be repurposed for the job. Sphagnum is a good medium - Bulbos tend to like to be on the wet side.
Take a look at this talk by Bill Thoms, San Francisco Orchid Society for some ideas. You can fast-forward through meeting stuff, the talk is long but there are some very good ideas in there. If your browser doesn't take you to the video (mine doesn't), select "Quote" to see the actual URL string and copy it, paste in browser address bar.