Catasetinae newbie needs help w/ baby Monn. Millenium Magic

[pipsxlch]

my daughter and I went to the Tamiami show yesterday (great show!). She selected for herself a baby of Monn. Millennium Magic 'Witchcraft'. I have never grown any members of the catasetinae tribe, so I'm not sure exactly what's best for it as far as potting etc. goes. I'd hate to kill her plant on her though.
This is a bareroot baby- the bigger /newer old pbulb is not much bigger than a marble, there's an older one that's pea size. The new growth is well started, about 4"-5" tall and leaf spread about 5". There are old faded roots, maybe a fringe of new started.
I'm in Florida, and grow all my plants outside. I'm successful with catts, and the seller said 'catt conditions'. _ have trees that can give a fair bit of shade, to lots of sun with my dendrobiums (the catts are in more dappled light). He also said water once a week, which what I've been reading says probably wouldn't be enough? It does rain almost daily to daily here in the summer. Winter it dries up; when a rainy front comes through I can bring the plant in.
My biggest question is what to pot it in? I don't have good spag as I don't use it really. I do have coco chips, otherwise coarse fast draining stuff. Would you really recommend adding a time release fert? (I do weekly to biweekly weakly) And clay, plastic or basket? Can I pot it up now?
Thanks for your help!