First, Welcome!
The two Catasetinae need to be dry, dry, dry. No water, no fertilizer. It's hard to believe that this is what's needed, but that "abuse" is totally necessary. Don't een think of watering at this point... and no worries about the rock-like sphag. Totally normal. Read through the Catasetum Forum and you'll find some great information. Especially look for the videos from isurus79. Also, check out these culture notes from
Sunset Valley Orchids. You can get on the SVO email list, you will receive culture notes appropriate to the season (as well as information about very tempting offers, of course... their plants are great)
When it's time to start watering, the plants will tell you - by that time they'll have leaves that are "unrolling", and you'll see the roots emerge though you might have to guess on length if they're growing down into the medium. When the leaves are around 4 inches the roots will be pretty close to that too. You will have a month or two of temptation when the new growth emerges... put your hands in your pockets when you look at the plants, so you can't reach for the watering can.