Maybe you can treat it like an Oncidium.
When rot sets in like this - it can be touch and go. At this moment, I would be getting out my Yates Anti-rot Phosacid, and spraying the whole plant - leaves, roots, bulb and all with it. And then I'd pot it into small sized scoria rock pieces - 5 mm average diameter. The pot - plastic and not see-through - and lots of drainage holes.
Then put the pot in an area that always has gentle air movement, and medium light, and comfortable temperature.
A watering wand for spraying the media - to keep the media moist, will be just fine. A key is air-movement. Still air can be a problem.
The image here shows usage of drainage grates, which allows excess water draining through the pot (during spray wand watering) to pass through the bottom of the pot, and through the grate, and into the dish. The dish merely catches the excess water so it doesn't roll out onto our floor etc. The grate keeps the bottom of the pot away from any drained water, as we don't want the pot to be sitting in drained water.
Also - scoria is usually quite good at taking in some water. So when we use a water wand (with spray nozzle), there will certainly be water that drains out the bottom of the pot, but it won't be gushing out the bottom of the pot. It will just slowly trickle out a bit. The dish usually collects it, and it will likely be all gone (evaporated) by the next morning.
When watering with the spray wand --- aim a little bit away from the bulbs. The water that hits the scoria will likely spread out to the side and get to the roots under the bulbs and near the bulbs anyway.
I think one possibly important thing to know is --- the young juvenile shoots and leaves ------- they can probably get water trapped between their leaves if that region is wetted (eg. with very aggressive watering style). And if air-circulation isn't very good, or the water just gets trapped somewhere in that area and stagnates, then things go bad there.
So ----- if using scoria, or anything, it can help to aim a little bit away from the bulb area. The water will likely spread out and work itself down to the root area.
But - on the other hand - if air circulation is quite good, then wetting new growth area and getting water into the new growth area won't necessarily create any problems. The thing is - if certain things can be avoided, or minimised, then we could probably minimise chances of encountering issues.
I think that using the MiracleGro blend orchid mix is workable too. It will probably just boil down to what quantity or amount of water to add when watering. Once that media is wetted or pre-wetted, then the amount of water we add might not necessarily need to be as much as one would probably think. When a surface layer seems dry - there are cases when the layers underneath - in the middle of the pot - or base of pot - could be drenched (saturated) - depending on what sort of orchid mix is being used. The key is to figure out how much water to use when watering - to avoid the 'wet concrete' sludge scenario down in the depths of the media.
Scoria or airy bark or airy bark/perlite mixes can often avoid situations like that ----- but even then, the grower (from their experience and testing) will figure out how much water to add, and/or how long to wait until the next watering. Some media can be quite forgiving - like suitably sized scoria, or suitably sized bark.
Bark has its own behaviours. Dry bark repels water. So new dry bark needs to be pre-wetted ---- aka 'primed' by dunking all the bark in water for some time. And if the bark is ever allowed to dry out a lot, then it's important to remember that dry bark repels water. It needs to be properly wetted before it takes in water again.