There is no "good", "bad", "correct", "incorrect", or "perfect" medium for any orchids, as that's putting the cart before the horse.
First, consider what the plant needs. Being an "oncidium-type" plant, it likes nice, even moisture for its relatively fine roots, but also needs plenty of air to them.
The next part of the equation - that we do not know, but you do - is what are the growing conditions you can routinely provide, and how do they affect the drying of the medium.
The third factor is just how much do you and your wife (congratulations on the anniversary) like to "mess with" your plants?
Then put those together to find what works best for you.
If your environment is very dry and you are growers that tend to "admire from afar", then sphagnum might be fine. If, on the other hand, you have high humidity and you like to water a lot, the sphagnum will soon be a root-suffocating mess, so something coarser and inherently drier is a better option.
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