rootless but recovering

[tmoney]

hi helpful people

so we've got a phal that was doing great for a couple years for my SO. this last fall we almost lost it cause of total root rot from not being repotted (we are still learning about nursery bought orchids). anyways, my girl chopped all the dead stuff (everything) and it has a long, brown, old stock. she put it into an airy bed of most moss and it's getting a new crop of roots! she saved it looks like!!

so now i'm wanting to give a go on one plant with s/h. i was thinking this might be a good candidate since it's growning a completely new crop of roots.

but then i was thinking that maybe constantly moist medium might rot out the brown stem that's buried in the leca.

thoughts? should i not do it with this guy? instead choose a healthier, more established plant? will the old crown/stem produce new roots in the medium?? all we see now are new roots coming from the base of the leaves.
for reference i have done this method with other plants to good success, i just didn't know it had a name and was prevalent in the orchid community! so i'm not so concerned with the s/h method, more how a brown/deadish stalk of an orchid will react in nearly constantly moist medium.

p.s.- i'll try to upload a pic when i get to my girls place later on. thanks for any input!