SOS psychopsis root rot

[YokaYampi]

Hello!
I need some advice about my psychosis mariposa that’s in bad shape..
I had gotten it for my grandmother to have something to look at and after a few weeks she called to say it wasn’t looking good.
I’m afraid it was overwatered. So I took it back repotted it and have been trying to nurse it back to health but the leafs are all soft and wrinkled and there aren’t any roots, it has begin a new pseudobulb growing, and she doesn’t want to stop trying to bloom.. aha so I’m contemplating cutting the flower spike down to maybe 3rd nod or so. To let it focus on growing roots before flowering.
The idea is a little heartbreaking so I’m having trouble making the decision.. what do you think? Bite the bullet or wait it out?