Yup, soak that moss well and then wring it out before repotting. The only other step I would recommend is to be sure to cut off all the dead roots or those that are not firm or are black (anything that feels mushy or like rotten fruit has got to go.

) From a strictly cosmetic standpoint, I also get rid of "hollow roots"--they are no longer going to feed your plant.
If your orchid has trouble with roots, try SuperThrive to promote new root growth. And if the weather is not going below 50 at night, putting you phal outside usually makes them grow like crazy. (But watch out for sunburn--I speak from experience!) Good growing
