Tmai, I have LOTS of mounted phals. I tend to mount species and primary hybrids--they all just have big floppy leaves and tend to be prone to crown rot. Mounting them up lets the water drip off of them more easily. You do have to water them or spray them down daily in the summer, but otherwise they love it.
I mount them upside down essentially--with leaves hanging down. I'll go take a couple of pictures. That will make more sense.
I put a bit of sphag moss under them to get them started, but by the time they've been on there a year, the sphag is essentially gone and they just grow on the bark. Okay--I'll go take some pictures and be right back.