Hard to tell, I've had Phalaenopsi put out more flowers on old spikes, as well as babies. We've had one for over 10 years that's been through quite a bit before I finally pulled it out of the moss we bought it in, cut most of its roots out, and potted it in bark.
In my experience, they're pretty hardy. I would personally let the spike go until you know what it is and make the call. Watch the leaves, as long as they don't get more raisney I would probably just leave it alone.