Stephanie!
So glad you asked first! You have had terrific success with your FLF and it looks terrific.
It's never a good idea to attempt doing anything radical with a healthy indoor plants. The roots of your plant are completely entwined and trying to divide them will cause severe damage to many of the roots. And to what end?
The smaller growth at the bottom is mostly suckered growth. It is harmless and will never get very big. That growth can be left in place or removed by cutting it off.
If your FLF ever reaches the point where you have to water it thoroughly more than twice per week, it might then be ready for a pot one size larger. Otherwise, leave the roots and soil alone and continue what you have been doing so successfully.