Old(er) phalaenopsis, repotting help please

[jojofo]

Hello all--first post on this board, glad to be here!

I am a newbie to orchid care, although I have been a "casual" orchid owner for about 10 years. I have finally decided it's time to get informed and do right by my plants!

This phalaenopsis is about 5 years old. It has spiked many times and is still in it's original pot, with the media it originally came with (all sphagnum). I realize now it needs to be repotted.

I have a good (I think) media--Fertilome orchid mix--and a nice 5" clay pot with aeration holes. My questions are:

1) Can it be repotted while blooming?
2) What do I do about that "stemmy" part--should that go under the media?

Thanks in advance!