Hi Jordan!
Glad you found us!
I have found Oncidiums to usually be very resilient. Sounds like you have done as I would have. With no roots, this could be placed in lower light. Keep it moderately warm.
I haven't used sphag and bag method - but have placed rootless orchids in a small fish tank - moist peat at the bottom, a layer of pebbles over that - covered most of the way, but open a bit for fresh air. I put the tank in a shady warm area. Remoistened the peat when necessary, check potting media (if plant was potted) to see if it needs water.
Good luck!