Now that my Living Fire is all but bloomed out (2 1/2 months almost 3) what should be done with the remaining spike?

Dan, once you are ABSOLUTELY certain that there are no more buds - sometimes the last one is a lot smaller, but still exists - then you can just snip the spike close to the base of the plant.

Dan,

I usually wait until the spike is dry and withered. The green spike still makes food for the plant so I like to leave it intact but it is only a matter of personal choice, you can cut it or leave it.