Hi Bob. Sounds like you have two small babies on the plant. (Kiekies).
I've heard people say they let them get plantable size then separate
them thereby becoming new plants by themselves. As for the one that's
about to bloom, don't do anything to the plant now if you don't want the
buds to drop off (bud blasting they call it). Congratulations on
salvaging the phal. - they're my favorite orchid - mostly because
they're easy to grow and because I can't grow anything else......Burr