Looks perfectly fine to me. Actually, it looks very good! Such a healthy plant. Many members of the crassulaceae family drop the lower, older leaves as they age. Its perfectly normal. If they bother you, just gently tug on them, and dispose of however you please.

I agree the leaf loss has nothing to do with you over-watering day before. It resulted from the plant's prolonged state of dryness (or if the plant had been moved to a dim corner, from the change in light). If you want to keep the plant's shape and are going to repot and root prune, you need to defoliate the tree completely when you do the repot, otherwise the stems are likely to die back. Defoliate by cutting through the main leaf stem with a scissors. Get a pruning saw and cut the bottom half of the roots off, then work until you have all the soil removed from the remaining half of the roots. Then use sharp bypass pruners to remove large roots that are growing downward from under the trunks or back toward the center of the root mass. Repot with new soil and secure the plant to the pot so it can't move in relation to the pot, and keep soil barely damp. I would put the plant in shade out of wind until it starts to bud back, then move to full sun. Your root mass should look something like this when you're done. The next time you repot, you can remove long roots that tend to circle around the outside of the root mass. I didn't remove them because I'd already removed at least 90% of this plant's root mass. Keep the roots wet at all times while you're working on them. Al

I had a similar situation to you - I tried to propagate a schefflera I received from a funeral - and foolishly took just a cutting off a petiole before I understand the biology of the plant enough to realize that it was a petiole and not a "branch". It looks like I might have taken mine a month or two after yours. It took a very long time to see much happening below, but given that the leaves weren't withering and looked healthy I hadn't given up -- and as of this morning I looked at the bottom of the plastic dixie cup I stuck it in to root and was surprised to finally see the tail ends of some roots poking around. So I believe the petiole CAN root, if you're lucky - I just have no idea what that means for the plant after it establishes a root base. I'm pretty sure the petiole/leaf structure at the top is not going to do much else, so my hope is that the roots eventually send up a new trunk/stem along side it. Time will tell. Hopefully by now you've determined if you have similar luck with your petioles.

Deb - As you can see, regular pruning works to keep your plant full and compact, but the best time to prune is just before the end of spring (according to the calendar - not Mother Nature's whims). IOW - just before the summer solstice. This is ideal for 2 reasons. 1) Pruning in late spring allows you to remove ALL leggy growth that occurred over winter. With the lanky growth gone, you're assured the tree will be as full and compact as possible, within limits imposed by cultural conditions. As things are now, you're probably going to keep the lanky growth that occurred over-winter/ the last 7 months. Yes? 2) Your scheff will respond to heavy pruning with far more enthusiasm if you prune hard when the plant has a lot of reserve energy and it's current photosynthesizing ability is about to peak, which occurs when days are longest and light most intense, which is at the summer solstice. The plant then, would be to retain all growth that occurs in the summer months,and you would remove the following year what the tree puts on, say, after the end of Sep (it depends on where you live). Keep in mind that short internodes (space between leaf attachment points) affects the density/ ramification of leaf/branch density forever when it comes to back-budding. This strategy really is essential to anyone working toward a tree that's all it can be, and works great for other trees we commonly grow indoors. I'm glad you got your tree turned around. It bet it makes you feel like a better nurturer, too. Al