The new leaves at the base are due to the fact that the main plant was in trouble. Water in the middle of a Phal is certain death. So the plant wants to live so it put out a pup. Yes you can save it. Phals as you learned like to be on the moist side. Not sitting in water mind you but think tropical rain forest it's natural habitat. If it was there it would be growing on the side of a tree (keeps water out of center) and it would get soaked each time it rained the water would run down the bark of the tree and those roots attached would soak up the water. Now we like to keep them in pots so the best thing is to water like you were doing except don't let the roots soak, and don't get water in the center. A week solution of fertilizer in a spray bottle you can mist it each week. Come this winter if it recovers enough you will might get a spike. Oh and those wide leaves indicate that it is a lower light loving plant so a window that doesn't get direct sun would be ideal. Good luck and watch out I have met many an orchid grower who start out just as you did and now have thousands! : ) enjoy!