Should I Remove The Newly Emerged Flower Spike?
 

I've got a couple Phals (3) that have new flower spikes just started. I'm super excited because these are the first flower spikes I've grown myself since starting with Orchids.

I'm worried about one of the larger Phals. I got it in December of last year with a huge spike on it (and 4 leaves) that lasted until May. Since then it hasn't grown a new leaf, and I'm not sure if its pushed out any new roots (I haven't seen any on top but it might have pushed one out beneath the media).

Now, its pushing up a flower spike and one of the leaves is turning yellow and getting ready to fall off. Otherwise it's healthy, but I'm worried that it might stress itself pushing up another spike without any new growth. I really like the flowers and don't want to lose the plant.

I was thinking that maybe I should cut the flower spike and encourage the orchid to produce a new leaf before I let it bloom again. From all you lovely experienced people; should I cut the flower spike, or will the phal be okay to let it grow?

No. Don't cut it. If it is flowering it is happy.

Based on your description of the plant, I would not cut the spike either. If the yellowing leaf is one of the bottom ones, that's most likely natural, too. Phals grown in a home sometimes don't have a large number of leaves. They will put out new leaves and roots in their own time. Since you're new to this, you'll learn as you go along how to optimize your conditions and care so as to maximize growth and blooming, but in the meantime, congratulations on getting your first reblooms! :)

I would also not cut it

I do t think I have ever cut an inflorescence in my 20+ years of growing things. Not that there would not be a purpose occasionally, but it has never seemed like the prudent thing to do.

Your phal sounds like one of mine currently; the very first one I purchased. She is growing a new flower spike off of her old (which is 16 1/2" inches with 9 buds so far!) A few months ago she started growing a basal keiki, but that has stalled since the growth of the spike. I also don't see any new leaf growth or root growth on her. And her bottom most leaf fell off over the weekend (it had yellowed over time). Like others have commented; my phal seems happy, her spike is growing quite contentedly and healthily. I'm sure yours is just fine too! :) Post pictures of the blooms when they open!

I have had bunch of Phals in bloom developing a new leaf. Keep the basics optimal; humidity, light, and wet and dry circle, If possible provide nutrient; focus on Nitrogen.

If the plant is flowering is because it want to survive.