Air roots are exactly that, roots in the air and should be left outside of the medium. These are in no way an indication that it is time to repot. These orchids grow on trees in the wild so they are not naturally grown in any medium. If a plant puts out air roots only it might be an indication that it doesn't like the medium it's in or that there is something wrong with the medium, but usually it's just the normal way of growth.
Not sure about the leaf split but if it's nice and green I wouldn't worry about it too much since orchids are quite sturdy and can easily take a bump or bruise here or there.
Depending on the health of the plant you can leave the spike and hope it provides you with another spike or keiki (baby plant) anywhere along the spike, this however requires quite a bit of energy of the plant. Most Phals are hybridized and can easily handle another flowering. If the plant is not healthy I would recommend removing the spike just above the lowest node and allow it to recover and provide you with a new spike whenever it's ready to do so.
Please provide us with a picture of the plant so we can better help you.
Hope this helps.