This is described as "Giant Sized", "Huge"and so on when mature. Perhaps you should apply the General Rule about potting mixes in the tropics and add some other material to improve drainage such as chunks of Lava Rock and/or pebbles or chunks of Polystyrene.

Look at this site,

http://www.bbg.org/news/repotting_tiger_orchid

they use very coarse medium, but as your orchid is still a baby your medium must have somewhat smaller chunks.

Mine is growing on a tree stump, about 2.5 metres above ground level. I initially had it on the ground but it didn't seem to like that, even though I've seen photos of them growing really well on the ground. I put a lot of leaves around the plant which has vertical roots that hold it all in. Leaves would hold moisture longer than coconut husk and not allow as much air circulation. So I'd think that the coconut should be okay. Seeing as it doesn't need repotting at this stage I'd be inclined to leave it.

On another issue, I hope your basket is large and sturdy, these things grow to a huge size.

The potting medium staying wet is not an issue, as long as it is open and airy to allow the root system to "breathe" adequately.