Repotting

[rosslyn1037]

I have a 3 year old Phal that has never been repotted because after the first year of purchasing it, it has never stopped having one blooming cycle after another. But now I think that I really should repot it because it is getting a long neck and there are a lot of roots outside the pot. It has 11 leaves, all healthy, except one on the bottom, and is starting to turn yellow, which I know is normal for older leaves to drop off in time. One of the leaves on the top is new. But here's my dilemma: it just finished blooming with two spikes. One spike dried up, which I cut off, but the other spike is still alive and healthy, with a tiny bud on the tip. It wants to bloom again. In the past when the flowers dropped off, if the spike didn't die, it would continue to bloom from the tiny bud on the tip, but this time it is taking a lot longer for the bud to continue developing. So, my question is, should I repot or not? It is in a clear plastic pot in orchid medium and I can see that new roots have grown inside. But it looks root-bound. Just to let you know, the pot I already have to repot in is clay. So if anyone has some advice for me, that would be great.