I agree with Jean and would get a larger pot. You want the pot to at least comfortably hold the root mass and have a little extra room. In terms of should you repot now (and this will involve damage to the roots as you can't avoid it if you intend to get the hardened soil away from them), you probably shouldn't. However, you are in a situation where you are kind of darned if you do, darned if you don't. It's incredibly unhealthy to have a tree that is not only pot bound, but is in old soil that the constricting roots have compressed into a cement like condition. What I, personally, would do is repot now, but take great care to keep the roots moist during the entire process and have the new pot and new potting mix already prepared before beginning. After the repot I would have the tree indoors to spare it the heat and wind which could set it back as the roots may not be able to keep up with the tree's water requirements in an outdoor environment for awhile. Treat it as a houseplant until you see some new growth (probably 2-3 weeks) and then gradually adjust it to outdoor conditions. BTW, you should remove all of the roots that are spiraliing around the bottom of the pot, those won't do you any favors if you keep them. Just slice off the bottom third of the entire root mass, no sense trying to save this part. After that, remove any roots that look obviously damaged. Any that have dark spots (usually slimy) are rotting and should be removed completely. If there are any roots that are exceptionally thick compared to the rest, remove those as well. Those are past their prime in terms of providing water and nutrients to the tree. Lastly, don't fear this process too much even though it can be scary. In most cases the tree will sit and maybe even sulk (drop some leaves) for a few weeks, but then it recovers and in the long run does much better than had it been left in the condition it is in now.

CLM... search it here and you will get lots of advice.

If it has roots and you didn't chop off some thick roots, you can pot it and start watering immediately. They will tolerate a good bit of water in an aggregate medium. I have to disagree with Josh about their drought tolerance though. I have 8 foot tall ones in the ground and I have 4 foot tall jades in the ground on a southwest facing hillside and the C.ovata definitely show signs of drought first. They both have the same exposure and they are both well established as in decades established. edit: I noticed Josh mentioned defoliation. Yes P.afra will defoliate before C.ovata in response to drought, but that just makes the plant more drought tolerant.

Im curious on how to get this to produce more branches ==>> with trees we talk in tree time .. which is counted in decades ... how about you relax.. and see if you can grow it indoors for a year or two... before you worry about more branches ... get the roots established.. learn how to water a tree properly .. indoors.. and give it a year or two to start branching .... trees are pretty good about taking care of themselves.. if we dont love them too much.. or kill them with too much love .... why are you interested in the graft??? ... im also wondering about that 45 degree bend.. and the wound or bud just below such in the last pic ... that is where the graft would be.. if it isnt rooted ... but if it was rooted.. why the bend??? ken btw: did you repot it.. what did you use for media... did you adjust it to tree needs.. or do you have a heavy water perennial/houseplant mix???