It should do great in a basket, you could probably just pull it out of the pot and plop it right into a suitably-sized basket. If you don't want to water multiple times a day I'd put in some kind of medium, but what you use really depends on your watering habits, relative humidity, etc. I usually line baskets with coconut fiber, put in a few styrofoam peanuts, then fill in sphagnum around the roots; I'm kind of an underwaterer and I grow in my home where RH rarely tops 60%.
What do you consider 'affordable' for cork? You could probably get a big enough piece for this plant from
www.firstrays.com for no more than $30 including shipping. Ray sells cork for $5.50/lb and estimates 1.25#/square foot. I believe he also charges cost for shipping, as opposed to most sellers who also tack on substantial handling fees.
Pictures I've seen of this species
in situ indicate it often grows on top of horizontal branches. I've recently mounted a couple of them (much smaller than yours) raft-style rather than vertically and they seem to like it.
Hope this helps, and welcome to Orchidboard!
--Nat