Thom, the short answer is:YES, you can over water a mounted aerangis luteo-alba. You have healthy roots and a flower spike forming, so I don't think your plant is suffering too much. I have 2 of these as well and my experience is that they like to dry off completely before you water again. They need very good air movement and will indeed show root deterioration very quickly when left in "stale" environment. They are very finicky about water quality, which may not be a problem for you, but if it's possible, water with RO, rainwater, or the like. Maybe all you have to do is move it closer to a fan.
Let us know how it goes (and pictures of the flowers!)
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