ABSOLUTELY REPOT now. The base of the pseudobulbs should be below the surface of the media by about 1/4 their length to keep the plant from wobbling in the pot thus making it easier for new roots to emerge and not break off as they emerge. Any "bargain" plant needs to be repotted on acquisition ASAP as the mix is undoubtedly broken down from poor care since leaving the nursery.
I actually find it best to repot any new plant brought into my collection as soon as possible to check the media and root health.
A standard one gallon plastic pot with the usual drainage holes on the bottom/lower edge is fine for your area. No need to drill extra holes.
If you have never repotted a Cym before or just need a refresher, I recommend you send a PM to
goldcoastcymgrowers@gmail.com and request their Guide to Repotting Cymbidiums. Great info and tips on the best way to divide/repot a Cym.