I'm not a very good orchid grower but I totally agree with Ursula, I'd skip the sphagnum moss as over time that stuff will get as hard as a rock. Ask me how I know.
Many of the miniature orchids do great when mounted on wood. If you can find a little slab of hard wood, tie the plant to the wood with fishing line (just don't pull it real tight as you don't want to cut into the plant tissue.) The orchid will eventually put out new roots that will attach to the wood. You can drill a small hole in the top of the wood and add a hook for hanging.