I have a phal with potting material that retains a great deal of moisture and I unknowingly overwatered. It has two spikes, flowers on one, none on the other. All buds have dropped (flowers have remained) and one of its three leaves has turned yellow. What to do?

a) clip the yellow leaf?
b) repot in dry medium and water in a week?
c) clip back the bare spike?

Thanks in advance for your help.

Shulamit