Help with Dracena

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I recently purchased a Dracena marginata (1.5 feet tall or so with 3 stalks) at Home Depot. I should have known better but it looked so healthy.

No evident issues except for a few leaves that were a bit brown on the ends but the soil was very dry. I took it home and watered it, so far, so good.

A few days later I go to repot it (it was too big for its pot and I didn't think the soil was a well-draining type) and realize that the rootball had been planted a good 2-3 inches BELOW the soil and one of the stalks is already starting to show signs of rotting in the middle near the base and is getting the shrunken/wrinkled look up to about 6 inches above that.

I immediately cleared away all the wet soil from the base and repotted it only as deep as the rootball.

So, I have two questions: 1st, did I do the right thing or can you actually plant Dracena deeper than the roots? and 2nd, should I just cut my losses on the one stalk that is starting to rot (meaning cut the top off and propagate a new plant with it since the bottom of the stalk is showing signs of rot) or should I see if it can be saved (any tips on how to save it would be welcome.)
 
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Yes you can; it’s like planting a cutting. It is, however, not a good idea unless you have it in a very bright location where it is growing vigorously.
You should give up on the rotting stem. It’s already shriveling and that means the bottom is already dead. Cut it above the soft area, if it isn’t green on the inside keep cutting until it is. Once you’ve gotten to the healthy tissue, you can stick it in soil to root. If you have the original plant in a window or very close to a grow-light, you can just put it in the same pot. If it isn’t in a very bright locatoon you wil need to move it or stick the cutting in a different pot.
 
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Yes you can; it’s like planting a cutting. It is, however, not a good idea unless you have it in a very bright location where it is growing vigorously.
You should give up on the rotting stem. It’s already shriveling and that means the bottom is already dead. Cut it above the soft area, if it isn’t green on the inside keep cutting until it is. Once you’ve gotten to the healthy tissue, you can stick it in soil to root. If you have the original plant in a window or very close to a grow-light, you can just put it in the same pot. If it isn’t in a very bright locatoon you wil need to move it or stick the cutting in a different pot.

Perfect, thank you so much! I have zero experience with dracena (I just saw one at a store that that finally looked healthy and got too excited) so I had no idea.

I have the plant in bright, only indirect light but I have a grow light in the same room so I'll salvage whatever is healthy and leftover on the rotting stalk and stick it in a new pot under the grow light.
 

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