Hello twallace just going to tell you what I know of based on what I have experienced with my cycad. If it were my plant, I will remove it from its current media now and allow it to dry out some more. Got to change the media into a coarser, grittier mix. No fertilizer at this time, got to encourage the plant to try and regrow new roots and new leaves. You got to consider the temperature around, cooler temps much less watering. It has such high drought tolerance, so it ably survives long dry conditions.
I do not know where you are located, so if your conditions outdoors improve like temps are warm enough like overnights going stable 50F and higher, I would carefully position it in part sun. In the meantime if conditions are not yet good, put it in a warm and sunny area indoors. But really need to change the media. I would think the timing of your watering may have hastened the decline of the plant, but I will not give up on that, it just takes time, they are really rather slow growers.
I will not cut off the leaves yet, just got to wait for new ones to form again from the center. In my area it happens when temps are really getting very warm to hot, around June and July.
I made a similar mistake before, planting it too deep and using a self watering container, so there is too much water below. It also made the leaves yellow, but I repotted it and corrected the media and made it well draining. It recovered, but just got to be very, very patient. It really likes to be in a very warm temperature range and fast draining soil.
The depth of your bulb planting is okay, just got to correct the media and allow it to recover some more from the overwatering and provide warmer temps.
