I would cut (with a sharp and sterilized blade) right below the bend. Put the plant in an east window and try to keep it in a room that gets cool at night (55-65 degrees) and if the plant gets triggered with these temperatures, after some time (weeks), the plant will send out branches and flower again.

As for the cut off spike, give it a clean cut to healthy tissue (where it bent will be bruised and invite rot). I prefer to do this at a 45 degree angle under water. Then stick the spike into water and enjoy the flowers for a couple weeks. Change the water every few days or when the flowers look like they are getting limp. If you put one drop of bleach in the water, it'll make the water stay fresher longer.

The broken spike won't be able to do anything else for you connected to the plant.

Here are some flowers I cut off a Phal a week or two ago.