I'm with you here, Tara. I am pretty much proactive rather than reactive.
There is no doubt that epiphytic orchids won't do well in potting soil.....period. Combine that with an over-size pot and I think nothing but trouble is ahead. To my eyes, the Phal. doesn't look all that happy, but keep in mind, I don't grow a lot of Phal. I would immediately repot and if the roots don't fill this large pot, I would downsize as well. Just my humble opinion.