As the Beatles once said: "Let it be, let it be..." Why not leave them growing as they are if things look good?

Otherwise, maybe use the "pot in a pot" method and slowly add media if needed.

Good luck,

Bob

It is hard to judge the size of your plant but it wouldn't be the first time something was mislabelled. There are micro minis, minis, medium and large phals and don't forget seedlings which can flower at a small size. Your instincts are good and if you want to replant soak the roots well and swirl them around like spaghetti on a fork but don't increase the size of the pot too much. One inch larger and no more. Clean off all old media and use fresh bark. You are planting the roots rather than transplanting the leaves. Orchids like "tight shoes". If it has been in that pot for over 2 years it needs to be transplanted. You can wait until the flowers are finished but phals are only orchids I know that don't go into shock with transplanting. Give them a 2 week period at 55 degrees at night in Fall to get spikes to start and then wait 6 months! for flowers.