Unfortunately the couple who made these retired. They got this recycled cypress wood from Central Florida and polished it and shaped it here in Fort Lauderdale. They were "Nature's relics" and attended all the local shows. No more sadly.... I believe "Mac's Orchids" (also Fort Lauderdale) started buying wood from Louisiana. While he does not prep it as nicely as "Nature's relics", he has some gorgeous pieces ( I bought 3 recently). You should try him. He had some good stuff last time I went there.
I will remove the present coconut fiber but replace it with fresh one. I believe it retains some moisture and is therefore probably useful. It also looks good.
When mounting the phal, it looks like you’ve put leaves downward which is probably normal in the wild. Does that prevent rot when you water it? I’m guessing the flower spikes grow upward.
You're spot on: it is indeed to prevent water stagnating and rotting the plant. As to flower spikes' orientation, they vary depending on the species: some are pendant, others are upright etc...
I have mounted a few Catasetums but I don't think it is a good approach as it is impossible to give them enough moisture during the growing season. The result is plants that grow slower.
I like mounting in wood and stone as well. but I would suggest you to attach them the other way around, with the new bulbs facing up and inward the plant, so the bulbs will grow up and roots down. the other way, with bulbs growing outward with time plant gets to thick with little support and roots will not find wood so easy