I had several of mine bagged for awhile - not pretty, but it saved a couple of spikes. I still lost one altogether, though.
I've got another phal just starting a spike though - it's the one that came in the pot with the other orchid that was just a spike - no leaves. I have no idea what it's going to look like. However, by the time it's ready to bloom, it'll be mid-spring, so I think it'll do fine.