Hi all,
Garuf they may be mealy bugs, but from the description they sound like they might also be root aphis (Mealy bug look like they are covered with cotton wool and root aphis are also pale, but it is much more like big green fly that have been coated with wax). Doesn't really matter which they are, they will both sap the plant's vitality. You've done the right thing, all the dead roots need to be cut off, and unfortunately you will need to dispose of the compost as well (unless it is bark? if it is you can microwave it.). For most plants you could re-pot in a compost containing imidacloprid or thiacloprid (the anti-vine weevil systemic insecticide "Provado") or use it as a drench, but I'm not sure how Orchids react to it.
The pot just needs a really good clean. Whether your orchid survives or not will depend on how weakened it is, the new roots will need to grow from the caudex (towards the growing point), and this can be a long process, but there is nothing you can do to speed this up. I'd keep misting the plant, and if the remaining leaves remain firm and green a weak foliar liquid feed may help.
cheers Darrel