Do you mean sphagnum peat moss?

Most all soilless potting mixes are made of peat moss with either perlite or vermiculite added to promote drainage. You could use Sphagnum Peat Moss providing you could grind it fairly finely. The manufacturers of potting soil mixes do neutralize them with lime, often.

To answer your question directly, no, the combo of just peat moss and perlite is not a great idea. Peat moss is highly acidic - typically much more than most plants prefer - and is usually of a pretty small particle size. Even adding copious amounts of perlite is not likely to provide the very fast drainage and good aeration most container plantings prefer. Plus you would need to amend to offset the high acidity.

I'd suggest you look for a decent potting soil - a soil mix designed specifically for container plantings. Most garden centers and home improvement stores should carry something suitable. Otherwise, you might want to check out the Container Gardening forum for various homemade potting soil recipes as well as container growing tips.

From the Proven Winners website I have linked below, " Most potting soil you buy in a garden center are comprised of three basic ingredients: peat moss, pine bark, and either perlite or vermiculite (to provide air space)."

Here is a link that might be useful: What is potting soil